TSMC October Revenue Hits Record TWD 314.2B, Up 29.2%

On November 8, TSMC released its revenue report for October 2024, announcing consolidated revenues of approximately TWD 314.24 billion. This figure marks a monthly increase of 24.8% and a year-over-year rise of 29.2%, setting a new monthly revenue record. Year-to-date, TSMC's revenue from January to October 2024 reached TWD 2.34 trillion, reflecting a 31.5% increase over the same period last year, another record for the company.

Based on TSMC's latest financial guidance, fourth-quarter revenue in U.S. dollars is projected to range between $26.1 billion and $26.9 billion, representing an 11.1% to 14.5% sequential increase, with a midpoint growth of 13%. October's revenue performance already indicates strong momentum heading into Q4.

Industry analysts attribute this growth to robust demand from OEM and ODM partners for NVIDIA's B-series chips, alongside sustained demand for flagship mobile applications. TSMC's advanced 3nm and 5nm production processes are running at full capacity, supporting expectations for record-breaking revenue and profit in Q4.

In its third-quarter results previously announced, TSMC reported revenues of TWD 759.69 billion and a net profit of TWD 325.26 billion, translating to diluted earnings per share of TWD 12.54 (USD 1.94 per ADR), both record highs. Compared to the same quarter last year, revenue was up by 39.0%, while net profit and earnings per share rose by 54.2%. Compared to Q2 2024, third-quarter revenue increased by 12.8%, with net profit up by 31.2%.

With the fourth-quarter outlook already disclosed, TSMC anticipates full-year U.S. dollar revenue growth to approach 30%, an upward revision from the prior forecast of 24%-26%. CEO C.C. Wei attributed this strong growth forecast to TSMC's leading-edge technology and growing demand driven by artificial intelligence (AI) applications.