“Taiwan Semiconductor Manufacturing Co Ltd (TSMC), the world’s largest contract chip manufacturer, said smartphones will contribute more than 50 percent to its revenue this year, up from high-40 percent in 2013, due to strong growth in China,” Michael Gold reports for Reuters.

“Producing chips for smartphones such as the newest iPhones from Apple Inc helped the company notch record net profit and 29 percent growth in overall revenue in the third quarter versus a year ago, as well as 29 percent growth in revenue from communication devices from the second quarter,” Gold reports. “The overall smartphone market is expected to grow 24 percent this year, according to researcher IDC, and moderate to 13 percent annually until 2017. Apple, however, continues to register strong numbers for its iPhones, selling a record 10 million in the gadget’s first weekend in stores.”

Gold reports, “According to Yuanta Securities analyst George Chang, orders from Apple as well as TSMC clients like Qualcomm Inc and Broadcom Corp, which also supply Apple, contribute more than 20 percent to TSMC’s overall revenue.”

Read more in the full article here.