TAIPEI -Taiwan's TSMC posted an 11% rise in quarterly profit and record revenue on Thursday, boosted by a pandemic-led surge in global demand for chips that power devices such as smartphones and laptops.

Net profit for April-June at Taiwan Semiconductor Manufacturing Co Ltd (TSMC), the world's largest contract chipmaker and a major Apple Inc supplier, rose to T$134.4 billion ($4.81 billion) from T$120.8 billion a year earlier.

This was just short of an average estimate of T$136.5 billion, drawn from 19 analysts by Refinitiv.

TSMC's business has been supported by a global chip shortage that has forced automakers to cut production and hurt manufacturers of smartphones, laptops and even appliances during the pandemic.

Revenue for the quarter climbed 28% to a record $13.29 billion.

The Taiwanese firm, which also makes chips for Qualcomm Inc, had previously flagged a massive expansion plan over the next three years, as fifth-generation telecommunications (5G) technology and artificial intelligence applications drive global demand for advanced chips.

Shares of TSMC, the eleventh most valuable listed company in the world, have gained about 16% so far this year, giving it a market value of $567 billion, more than double that of chipmaker Intel Corp.

TSMC's stock closed up 0.16% on Thursday, compared with a 1.1% gain for the benchmark index.

  - Reuters