July 18, 2013 / 5:41 AM / 5 years ago

TSMC Q2 net profit beats expectations

TAIPEI, July 18 (Reuters) - Taiwan Semiconductor Manufacturing Co Ltd said on Thursday that its second-quarter net profit rose 23.8 percent from a year earlier, beating forecasts, driven by sales of chips used in mobile gadgets.

Net profit for the world’s biggest contract chipmaker was T$51.81 billion ($1.7 billion) in the April-June period, above the T$49.3 billion average estimate of 20 analysts polled by Thomson Reuters I/B/E/S.

The result compared with profit of T$39.58 billion in the previous quarter and T$41.84 billion in the same period a year earlier.

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

Shares of TSMC have risen about 9 percent in the year to date, versus a rise of around 6 percent in the broader Taiwan market. (Reporting by Clare Jim; Editing by Lee Chyen Yee and Stephen Coates)

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