Benzinga | Oct 14, 2021 08:33AM EDT

Why Taiwan Semiconductor Shares Are Trading Higher Today

Taiwan Semiconductor Manufacturing Co Ltd (NYSE:TSM) is trading higher Thursday after the company announced better-than-expected third-quarter financial results.

Taiwan Semiconductor reported quarterly earnings of $1.08 per share, which beat the estimate of $1.04 per share and represented a 13.80% increase year-over-year. The company reported quarterly revenue of $14.88 billion, which beat the estimate of $14.83 billion and represented a 16.30% increase year-over-year.

Taiwan Semiconductor expects fourth-quarter revenue to be in a range of $15.4 billion and $15.7 billion.

"Our third quarter business was mainly supported by strong demand across all four growth platforms, which are smartphone, HPC, IoT and Automotive-related applications," said Wendell Huang, vice president and CFO of Taiwan Semiconductor. "Moving into fourth quarter 2021, we expect our business to be supported by strong demand for our industry-leading 5nm technology."

TSM Price Action: Taiwan Semiconductor has traded as high as $142.19 and as low as $83.16 over a 52-week period.

The stock was up 3.13% at $113.42 at time of publication.

Photo: brookhaven from Pixabay.