TSMC beats estimates with Q4 net profit rising 7.7 pct

TAIPEI Thu Jan 16, 2014 12:38am EST

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TAIPEI Jan 16 (Reuters) - Taiwan Semiconductor Manufacturing Co Ltd posted a 7.7 percent rise in fourth-quarter net profit from a year ago on Thursday, beating forecasts amid slowing sales of high-end smartphones.

Net profit for the world's biggest contract chipmaker was T$44.81 billion ($1.49 billion) in the October-December period, compared to T$51.95 billion in the previous quarter and T$41.57 billion a year earlier.

Twenty-three analysts had forecast the net profit to be T$42 billion, according to a poll by Thomson Reuters I/B/E/S.

TSMC will hold an investor conference at 0600 GMT on Thursday to give its outlook for the first quarter.

($1 = 30.0765 Taiwan dollars)

(Reporting by Clare Jim; Editing by Matt Driskill)