HSINCHU, Taiwan (AP) — HSINCHU, Taiwan (AP) — Taiwan Semiconductor Manufacturing Co. (TSM) on Thursday reported first-quarter profit of $18.12 billion.

The Hsinchu, Taiwan-based company said it had net income of $3.49 per share.

The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $3.31 per share.

The chip company posted revenue of $35.9 billion in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $35.5 billion.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TSM at https://www.zacks.com/ap/TSM