Shares of Taiwan Semiconductor Manufacturing (NYSE: TSM) received a big boost last week after the company, which is popularly known as TSMC, reported a terrific surge in its monthly revenue for October.

The Taiwan-based foundry giant reported October revenue of 243.2 billion Taiwanese dollars ($7.7 billion), up 16% year over year. The increase was particularly impressive on a sequential basis, as TSMC's revenue jumped almost 35% month over month. Investors were overjoyed to see the company's healthy growth, as it has struggled to grow its revenue in 2023 so far due to a weak smartphone market.

TSMC's revenue has dropped 6% year over year in the first nine months of 2023 to NT$1.54 trillion ($49.7 billion). But the company's latest monthly revenue report suggests that it could end the year strongly, and even sustain its momentum for a long time to come.

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Source Fool.com