TAIPEI, Oct 17, 2024 (BSS/AFP) - Taiwanese chip giant TSMC announced Thursday a bigger-than-expected increase in net profit for the third quarter of 2024.

Taiwan Semiconductor Manufacturing Company said net profit in the three months to September hit NT$325.26 billion (US$10.1 billion), up 54.2 percent from the same period last year.

Revenues in the period grew 36 percent on-year to US$23.5 billion, the firm said in a statement.

TSMC controls more than half the world's output of chips used in everything from Apple's iPhones to Nvidia's cutting-edge artificial intelligence hardware.

The company is grappling with geopolitical tensions between the United States and China over technology import restrictions, trade and Taiwan.