U.S.-listed shares of Taiwan Semiconductor Manufacturing Co. ( TSM ) rose in premarket trading Thursday after the world's largest contract chip manufacturer reported first-quarter results that topped analysts' estimates and stuck with its 2025 revenue outlook despite the growing trade war.

TSMC, which supplies tech heavyweights Apple ( AAPL ) and Nvidia ( NVDA ), registered earnings per share (EPS) of 13.94 New Taiwan dollars ($0.43) on revenue that rose 42% year-over-year to NT$839.25 billion ($25.85 billion). Analysts polled by Visible Alpha expected NT$13.61 and NT$835.92 billion, respectively.

The company projected second-quarter revenue of $28.4 billion to $29.2 billion. Analysts were looking for about $27.1 billion.

U.S.-listed shares of TSMC, which entered Thursday having lost nearly a quarter of their value in 2025, were up about 3.5% following the results.

'We Have Not Seen Any Change in Our Customers' Behavior' in Response to Tariffs

CEO C.C. Wei said on the earnings call that the company understands "there are uncertainties and risk from the potential impact of tariff policies," according to a transcript provided by AlphaSense. "However, we have not seen any change in our customers' behavior so far. Therefore, we continue to expect our full-year 2025 revenue to increase by close to mid-20s percent in U.S. dollar terms."

The company, which currently builds its most advanced chips in Taiwan, has been under pressure from the White House to boost manufacturing in the U.S. Taiwan faces 10% in tariffs on U.S. imports. Last month , Wei announced alongside President Trump that the firm intends to invest $100 billion in U.S.-based chip manufacturing facilities.

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