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TSMC says 2020 revenue to jump 30% despite losing Huawei orders

Taiwan chip titan cites 5G launches and COVID-fueled demand for strong outlook

TSMC says it is "not worried" about its high inventory levels as it expects demand for high-end chips to continue into next year and beyond. (Photo by Shinya Sawai)

TAIPEI -- Taiwan Semiconductor Manufacturing Co., the world's biggest contract chipmaker and a key Apple supplier, expects a 30% jump in revenue this year thanks to pandemic-driven demand for digital solutions and aggressive 5G smartphone launches.

Revenue for the final quarter of 2020 could be between $12.4 billion and $12.7 billion, TSMC said on Thursday. That is higher than the market consensus and up around 20% on the year at the midpoint in dollar terms.

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