Taiwan's UMC says Q3 net beats expectations, Q4 demand seen slowing
TAIPEI Oct 30 (Reuters) - World No.3 contract chipmaker United Microelectronics Corp reported a better-than-expected third-quarter net profit on Wednesday, as chip demand for mobile devices continued to grow.
UMC reported a net profit of T$3.48 billion ($118.30 million) in the quarter, beating a median forecast of T$2.45 million from 15 analysts polled by Thomson Reuters I/B/E/S.
"For the fourth quarter, we have seen a decline in wafer demand," UMC chief executive Po-Wen Yen said in a statement, citing a seasonal correction, supply chain inventory control and macroeconomic uncertainties.
UMC posted a net profit of T$2.4 billion a year earlier and T$1.8 billion in the previous quarter.
Shares of UMC closed up 3.6 percent before the news, versus a gain of 0.5 percent in the benchmark index. ($1=29.4165 Taiwan dollars) (Reporting by Clare Jim; Editing by Clarence Fernandez)