UMC Q1 net beats forecasts; sees better Q2 wafer business
TAIPEI May 8 (Reuters) - Taiwan's UMC, the world's No.3 contract chipmaker, reported on Wednesday a better-than-expected net profit in the first quarter, as chip demand for mobile devices continued to grow.
UMC reported a net profit of T$6.59 billion ($220 million) in the quarter, beating a median forecast of T$1.27 billion from 12 analysts, polled by Thomson Reuters I/B/E/S.
UMC posted a net profit of T$1.34 billion a year earlier and T$1.08 billion in the previous quarter.
It said in a statement it sees the wafer business improving significantly in the second quarter due to rising demand for communications products.
UMC said that demand has stabilized following a few months of inventory correction.
Before the announcement, shares of UMC closed up 4.3 percent, outperforming the broader market's 1.3 percent rise. (Reporting by Clare Jim; Editing by Jeremy Laurence)
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