Taiwan’s TSMC (2330.TW), posted an 11% rise in quarterly profit on Thursday, boosted by a pandemic-led surge in global demand for chips that power devices such as smartphones and laptops.

Net profit for April-June at Taiwan Semiconductor Manufacturing Co Ltd (TSMC) , the world’s largest contract chipmaker and a major Apple Inc (AAPL.O) supplier, rose to T$134.4 billion ($4.81 billion) from T$120.8 billion a year earlier.

This was just short of an average estimate of T$136.5 billion, drawn from 19 analysts by Refinitiv.

TSMC’s business has been supported by a global chip shortage that has forced automakers to cut production and hurt manufacturers of smartphones, laptops and even appliances during the pandemic.

Revenue for the quarter climbed 28% to $13.29 billion.

($1 = 27.9320 Taiwan dollars)

– Reuters