TAIPEI, Taiwan (AP) -- Taiwan Semiconductor Manufacturing Co., the world's largest contract chip maker, says its third quarter profit rose 62 percent year-on-year, fuelled by stronger-than-expected global demand for smartphones and tablet computers.
The company said Thursday its third quarter net profit was New Taiwan dollars 49.3 billion ($1.7 billion) on revenues of NT$141 billion.
TSMC supplies chips for use in gadgets including Apple's iPhones and iPads.
TSMC Chairman Morris Chang says mobile devices are expected to propel the company's strong growth until 2016 at least, but inventory adjustments may lead to a modest dip in the next two quarters before a rebound.
The company says shipments of 28-nanometer process technology more than doubled during the third quarter and mass production for the more cutting-edge 16-nanometer process could begin in a year.