Amid the ever-evolving landscape of the semiconductor industry, key Apple and Nvidia supplier, Taiwan Semiconductor Manufacturing Company (NYSE:TSM), has released its first-quarter financial results for 2024, showcasing substantial growth compared to the previous year. What Happened: On Thursday, TSMC unveiled its financial achievements for the first quarter, highlighting a notable increase in year-over-year figures. The company’s consolidated revenue reached NT$592.64 billion ($18.87 billion) with net income hitting NT$225.49 billion ($6.97 billion). The leading semiconductor manufacturer saw a 16.5% surge in revenue over the same period last year. Net income and diluted earnings per share (EPS) both experienced an 8.9% rise. Despite these gains, TSMC experienced a slight decline from the fourth quarter of 2023, with revenue and net income decreasing by 5.3% and 5.5%, respectively. See Also: Crypto Markets Tumble Following Iran’s Drone Attack Against Israel, Investor Warns Of Continued Selloff The company reported a gross margin of 53.1%, an operating margin of 42.0%, and a net profit margin of 38.0%.