American depositary receipts (ADRs) of TSMC (TSM) rose over 4% i🍌n early trading on Thursday after the semiconductor maker posted better-than-expected results and gave an upbeat outlook for the sector.

The largest 澳洲幸运5开奖号码历史查询:contract chip manufacturer reported third quarter fiscal 2023 澳洲幸运5开奖号码历史查询:earnings per share (EPS) of $1.29, with revenue falling 14.6% year-over-year to $17.28 billion. Both were more than forecasts.

CFO Wendell Huang explained that the results were boosted by the strong ramp-up of its 3-nanometer technology, and increased demand for 5-nanometer technologies. He added that TSMC continued to face headwinds from customers' “ongoing inventory adjustments.”

However, CEO C.C. Wei indicated that customers' inventory controls have become “more healthy than we thought.” He added that TSMC is seeing a stabilization in the PC and smartphone markets, and the company expects 2024 to be “a healthy growth year.”

The company predicted current quarter sales would be in a range of $18.8 billion to $19.6 billio๊n, with a midpoint above analysts’ estimates൲.

With Thursday's gains, ADRs of TSMC were up more than 25% higher year-to-date.