TAIPEI, Oct 17 (Reuters) - Taiwan Semiconductor Manufacturing Co Ltd said its third-quarter net profit rose more than 5 percent from a year earlier, beating forecasts, as smartphone makers stocked up on chips for new devices launched during the period.
Net profit for the world’s biggest contract chipmaker was T$51.95 billion ($1.8 billion) in the July-September period, just above the T$51.5 billion average estimate of 21 analysts polled by Thomson Reuters I/B/E/S.
The result compared with record profit of T$51.81 billion in the previous quarter and T$49.3 billion in the same period a year earlier.
TSMC will stage an investor conference at 0600 GMT on Thursday to give its outlook for the fourth quarter.
Shares of TSMC have risen about 8 percent in the year to date, versus a similar rise of around 7.7 percent in the broader Taiwan market. ($1 = 29.4090 Taiwan dollars) (Reporting by Clare Jim; Editing by Kenneth Maxwell)