HSINCHU, Taiwan (AP) — HSINCHU, Taiwan (AP) — Taiwan Semiconductor Manufacturing Co. (TSM) on Thursday reported fourth-quarter net income of $16.31 billion.

The Hsinchu, Taiwan-based company said it had profit of $3.14 per share.

The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $2.82 per share.

The chip company posted revenue of $33.73 billion in the period.

For the year, the company reported profit of $55.21 billion, or $10.65 per share. Revenue was reported as $122.42 billion.

For the current quarter ending in March, TSMC said it expects revenue in the range of $34.6 billion to $35.8 billion.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TSM at https://www.zacks.com/ap/TSM