TAIPEI (Taiwan News) — Taiwan Semiconductor Manufacturing Company (TSMC) announced Wednesday (Oct. 9) its Q3 revenue was NT$759.6 billion (US$23.5 billion), surpassing expectations with a 12.8% quarterly increase and setting a new quarterly record.

According to a Wednesday press release, TSMC’s revenue in September reached NT$251.87 billion. Cumulative revenue for the first nine months of the year reached NT$2.02 trillion, a 31.9% increase compared to the same period last year, per CNA.

Industry analysts said TSMC’s Q4 revenue is likely to see further growth due to Apple’s new iPhone processors, new processors from mobile chip manufacturers MediaTek and Qualcomm, and strong demand for AI accelerators.

TSMC said it plans to hold an online investor conference on Oct. 17 to announce its Q3 financial report and provide its Q4 outlook.

The company had previously forecast strong growth for this year, with annual revenue expected to grow by slightly over 24% to 26%, a growth rate higher than the 10% increase in the semiconductor industry’s output value excluding memory.