Taiwan Semiconductor Mfg. Co. Ltd. (ADR) (NYSE:TSM), the world’s largest independent semiconductor maker, recently stated in its 2018 first-quarter financial reports that it has managed to register record-breaking sales. The report says that the major sales were achieved through crypto mining chips.
In its shareholder conference meeting, the company announced generation of 248 billion Taiwan new dollars (a little less than 8.5 billion USD) in the first quarter of this year through sales. The new figures indicate that the company has managed to push ahead of its sales figures from last year by around 6% with a net income of 89 billion Taiwan new dollars. The report says that it is around 2.5% more than the company’s net income of the last quarter.
The Taiwanese company received a major boost to its sales revenue in March 2018 as it registered 41% of sales growth (US$ 3.5 billion) during the first quarter of last month making it the largest sales income achieved in one month for TSMC.
Cryptomining Major Factor In Sales Growth
While speaking on the recent gains of TSMC in the first quarter of 2018, its president and co-CEO, Dr. C.C. Wei, said that the results were mostly stimulated by the strong demand for high performance computing such as cryptocurrency mining. However, Wei refrained from disclosing the exact percentage of their mining chip orders. Mark Liu, the other co-CEO and president, said that there was a strong demand from the cryptocurrencies in the first quarter.
Liu further added that despite some weakness in the 28mm chip in the second quarter, cryptocurrency is still performing strongly. The company’s sales figures seem to be following almost the same pattern as last year with the estimated revenue turnout of 8.32 billion USD in the third quarter and 9.2 billion USD in the fourth quarter of 2017.
TSMC attributed the strong sales figures to the increase in the demand for the cryptocurrency mining chips in the market, especially the ones they are producing.
TSMC To Surpass Intel As World’s Most Advanced Chipmaker
The company is heading towards two major changes in upcoming months. First, Morris Chang, who founded the TSMC Company 30 years ago, will be retiring soon. He will step down from his current post of Chairman in June 2018 and hand the reins to the current co-founders and CEO’s Wei and Liu, with the former becoming the only CEO and the latter chairman. Immediately after that, TSMC will come out with new semiconductors developed by using the latest technology. They plan for these semiconductors to be the most powerful chips ever produced, even more powerful than the chips by its American rival, Intel.
Sales gaisn through cryptocurrency mining and semiconductor manufacturing should help continue TSMC’s revolutionary rise this year.