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TSMC Q4 profit up 16.1%, beats market forecasts

TAIPEI, Jan 16 (Reuters) - Taiwan Semiconductor Manufacturing Co Ltd (TSMC),, the world's largest contract chipmaker, reported a 16.1% rise in fourth-quarter profit on Thursday, helped by strong demand for faster chips and new smartphones.

TSMC, whose clients include iPhone maker Apple Inc, said October-December net profit was T$116.04 billion ($3.88 billion). That compared with an average forecast of T$111.41 billion drawn from 19 analysts, according to Refinitiv data.

Revenue rose 10.6% to $10.39 billion, versus the company's estimate of $10.2 billion to $10.3 billion and an average $10.55 billion estimate from 21 analysts, according to Refinitiv data.

($1 = 29.9250 Taiwan dollars) (Reporting By Yimou Lee; Writing by Ben Blanchard; Editing by Himani Sarkar and Tom Hogue)