Taiwan chipmaker TSMC says quarterly profit up 78%

TAIPEI, Taiwan (AP) — Taiwan Semiconductor Manufacturing Co., the biggest contract manufacturer of processor chips for smartphones and other products, says its quarterly profit rose 78% over a year earlier but forecast weak demand this year. Revenue for the three months ending in December rose 43% to 625.5 billion New Taiwan dollars ($20.6 billion). Profit was 295.9 billion New Taiwan dollars ($9.7 billion). TSMC, headquartered in Hsinchu, Taiwan, makes processor chips for brands including Apple Inc. and Qualcomm Inc. Many of their products are assembled by factories in China, which has exposed TSMC to the possible impact of U.S.-Chinese tension over technology and security.