Chipmaker TSMC says revenue up 16.7% as demand surges

In this Oct. 27, 2005, file photo the logo of Taiwan Semiconductor Manufacturing Co. (TSMC) is displayed during a third quarter press conference in Taipei, Taiwan. Taiwan Semiconductor Manufacturing Co., the world’s biggest contract producer of processor chips, said Friday, April 9, 2021, its revenue rose 16.7% in the latest quarter over a year ago as the global economy rebounded from the coronavirus pandemic.(AP Photo/Chiang Ying-ying, File)

TAIPEI, Taiwan (AP) — Taiwan Semiconductor Manufacturing Co., the world’s biggest contract producer of processor chips, said Friday its revenue rose 16.7% in the latest quarter over a year ago as the global economy rebounded from the coronavirus pandemic.

Revenue rose to 362.4 billion New Taiwan dollars ($12.7 billion) in the three months ending in March, the Taipei-based company announced. Revenue in March rose 13.7% over a year earlier to 129.1 billion New Taiwan dollars ($4.5 billion).

TSMC makes chips for major brands including Apple Inc. and Qualcomm Inc. Most semiconductors used in smartphones, medical equipment, computers and other products are made in Taiwan, South Korea and China.

The pandemic boosted demand for electronic equipment as more people worked from home. The revival of the global economy has helped to rebuild demand for autos and other consumer goods that depend on processor chips.

TSMC said this week it plans to invest $100 billion in the next three years to expand manufacturing and in research and development.

The company previously announced plans to invest $3.5 billion in a manufacturing site, in North Phoenix, Arizona, as concern grows over American reliance on Asian sources of high-tech components.

TSMC also operates a semiconductor wafer fabrication facility in Camas, Washington, and design centers in San Jose, California, and Austin, Texas.