Taiwan Semiconductor Manufacturing Company (TSMC) registered its highest-ever revenue in the first quarter, with sales coming in near the high end of aggressive guidance due to strong demand and rising prices.

Revenue of TWD491.1 billion ($17 billion) was up 35.5 per cent year-on-year, exceeding a forecast TSMC issued in January predicting a rise of between 29 per cent and 33 per cent.

Taiwan-headquartered TSMC is scheduled to report its full quarterly earnings on 14 April.

The contract chipmaker is a major component supplier for top smartphone makers including Samsung and Apple.

It unveiled plans in January to increase capex to $40 billion to $44 billion compared with $30.4 billion in 2021 to keep pace with demand.

Rival global contract chipmaker United Microelectronics booked a 34.6 per cent increase in Q1 revenue to TWD63.4 billion.