Apple chip manufacturer TSMC ups its revenue forecast based on high iPhone 7 sales

Apple chip manufacturer TSMC has raised its forecast for 2016 revenue after setting new profit and sales records in the third quarter, as analysts said it was riding high on supplying parts for the iPhone 7 line, reports Reuters.

The Taiwan-based chipmaker's forecast comes as anticipation has intensified about how the iPhone 7, launched in early September, has been selling in the wake of Samsung scrapping its Galaxy Note 7, the article adds. TSMC, which doesn't disclose details of customer orders, now expects revenue growth to be 11-12%, compared with a previous estimate of a 5-10% increase.