Taiwan Semiconductor Manufacturing Co. upgraded its sales outlook for the year after quarterly results soared 45%, according to a press release by TSMC on Thursday.

  • Net profit jumped to NT$202.7B ($7B) in the three months to March, topping analysts’ average estimate of NT $186.1B. Revenue jumped 36% to a record of NT $49.1B based on the initially reported figures.
  • Annual dollar sales will surpass prior projections with growth of nearly 20%. The revenue will expand to a range of $17.6B to $18.2B in the quarter through June, signaling a growth of over 30%.
  • The company also projects wider profit margins, signaling strong demand for cell phones, smart televisions, and other gadgets from manufacturers like Apple Inc. and Samsung Electronics Co.

The forecasts alleviate problems that the war in Ukraine and the Chinese lockdowns hurting the world’s largest chips market are hurting the demand for gadgets. TSM is up +1.48%, SMH up +1.29%, Pre-market trading