April 18, 2014 / 1:10 AM / in 4 years

TSMC shares rise after Q1 earnings beat forecasts

TAIPEI, April 18 (Reuters) - Shares of Taiwan Semiconductor Manufacturing Co (TSMC) opened 2 percent higher on Friday after the company beat forecasts and posted a 21 percent increase in its quarterly net profit and targeted record revenue in the second quarter.

Shares of the world’s top contract chipmaker opened up 2 percent and quickly extended the gain to 2.5 percent, tracking the 2.8 percent rise of its ADRs in New York trading overnight and beating the broader market’s 0.6 percent advance. (Reporting by Faith Hung; Editing by Miral Fahmy)

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