Taiwan Semiconductor Manufacturing Company Limited (NYSE: TSM) reported fourth-quarter 2020 earnings results on Thursday. Revenues came in at $12.68 billion, an increase of 14% compared to last year.
The net income rose to $5 billion, while earnings per ADS increased to $0.97. The net income and earnings per ADS both grew by 23%.
Based on the company’s current outlook, first-quarter revenue is expected to be between $12.7 billion and $13.0 billion. The management is expecting the 2021 capital budget to be between $25 billion and $28 billion.
“Our fourth quarter business was supported by strong demand for our industry-leading 5-nanometer technology, driven by 5G smartphone launches and HPC-related applications,” said Wendell Huang, the chief financial officer of TSMC.
Taiwan Semiconductor’s stock closed at $119.56 on Wednesday evening, showing a decline of 2.8%.