TSMC second-quarter profit jumps 23%, beating estimates, on high-end chip boom

TSMC recorded over 23% profit jump. Both the company's quarterly revenue and profit both topped estimates.

Taiwan Semiconductor Manufacturing Co on Thursday reported a 77.4% jump in second-quarter profit year on year, shattering estimates as the world's largest contract-chipmaker continues to set consecutive record-breaking milestones.

Here are TSMC's second-quarter results against LSEG SmartEstimates, which are weighted toward forecasts from analysts who are more consistently accurate:

Revenue: 1.27 trillion new Taiwan dollars ($39.45 billion ) vs. NT$1.264 trillion expected

Net income: NT$706.56 billion vs. NT$632.64 billion expected

The Taiwanese tech giant's net income for the three months ended in June was a record high for a fifth consecutive quarter, and surged 23.4% from the prior quarter. Revenue surged to NT$1.27 trillion, a 36% jump from NT$933.79 billion in the same period year ago.

Advanced technologies — 7-nanometer and under — accounted for 77% of total wafer revenue, the company said.

The company capped off a quarter of massive growth that included stellar sales in June released earlier this week. TSMC shares, which have gained over 58% so far this year, rose 1.23% Thursday.

Asia's most valuable company has been riding robust demand for AI chips it manufactures for global tech giants, including Nvidia , Apple and Broadcom.