Taiwan Semiconductor Manufacturing Co. (TSM), the world’s largest contract chipmaker, on Thursday narrowly beat Wall Street’s target for its first-quarter earnings. TSM stock rose in early trading.
Taiwan Semiconductor, better known as TSMC, earned 96 cents per U.S. share in the March quarter. Analysts expected TSMC to earn 95 cents a share in the period. In the year-ago quarter, the chip foundry earned 75 cents a share.
Last Friday, TSMC reported better-than-expected first-quarter sales of $12.92 billion, up 25% year over year.
After hitting a record high of 142.19 on Feb. 16, TSM stock fell 24% in a tech stock sell-off before beginning to recover.
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