TAIPEI, April 17 (Reuters) - Taiwan Semiconductor Manufacturing Co Ltd beat analyst estimates by reporting a 21 percent rise in first-quarter profit, as the world’s largest contract chip maker enjoyed a demand boost from mobile device manufacturers.
Net profit reached T$47.9 billion ($1.59 billion) in January-March, the company said in a statement on Thursday. That compared with the T$43.2 billion mean estimate of 19 analysts polled by Thomson Reuters.
The company previously reported an 11.7 percent rise in first-quarter revenue at T$148.22 billion.
Shares of TSMC have risen about 15 percent since the start of the year versus 2.8 percent in the Taiwan SE Weighted Index . Before the earnings release, they closed 0.83 percent lower compared with a 0.23 percent rise in the benchmark.
$1 = 30.1440 Taiwan Dollars Reporting by Michael Gold; Editing by Christopher Cushing