Taiwan Semiconductor Manufacturing Company (TSMC) recorded a 40 per cent jump in revenue in the second quarter of 2024, with sales hitting a record high of TWD673.5 billion ($20.7 billion).

The contract chipmaker’s sales growth in Q2 exceeded its full-year forecast in January which targeted 20 per cent to 25 per cent growth.

For the first six months of the year revenue grew 28 per cent year-on-year to TWD1.3 trillion.

The stellar performance was fuelled by robust demand for its 3nm and 5nm chips for high-performance computing applications, Focus Taiwan reported. 

Local media reports suggested the company is likely to raise its 2024 revenue guidance at its next investor conference.

Meanwhile, Taiwan-based MediaTek, a fabless semiconductor company which designs and produces a range of chips, booked a 30 per cent increase in sales in Q2 to TWD127.3 billion.

Monthly revenue growth slowed to 12.7 per cent in June, down from 99 per cent and 27 per cent in January and February, respectively.