TAIPEI (Taiwan News) — Taiwan Semiconductor Manufacturing Co. (TSMC) reported revenue of NT$243.20 billion (US$7.51 billion) for October on Friday (Nov. 10).

The figure represents a month-on-month increase of 34.8% from September’s NT$180.43 billion. The NT$243.20 billion in consolidated revenue was also a 15.7% increase from a year earlier.

According to analysts talking to CNA, although some of TSMC’s customers continue to adjust inventory, the strong performance of the company’s 3 nm chips helped drive sales in October.

TSMC’s cumulative revenue for the first 10 months of the year came in at NT$1.78 trillion, representing a 3.7% decline year-over-year. As for the fourth quarter, the Taiwanese chipmaker said it expected consolidated sales to come in between US$18.8 billion and US$19.6 billion, according to CNA.

Analysts said that based on TSMC’s Q4 guidance, sales during November and December could be less than its October figure.