Taiwan Semiconductor Manufacturing Co. reported an 11% increase in quarterly profit, underscoring how the company has benefited from a global chip shortage that’s driven up orders from the automotive and other industries.

Net income for the quarter ended in June rose to NT$134.4 billion (US$4.8 billion), slightly below the average analyst estimate of NT$136.15 billion. Revenue came in at NT$372.15 billion based on previously released monthly sales figures.

While an ongoing semiconductor shortage has hampered the global economic recovery from Covid-19, suppliers like TSMC, the world’s largest contract chipmaker, are among beneficiaries as they race to fulfill orders. The Taiwanese company is also likely to get a lift from plans by Apple Inc., its largest customer, to ready 90 million units of upgraded iPhones for the second half of this year.

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