TSMC posted a 13.8% jump in third quarter profit on Thursday on the back of booming demand for semiconductors to power smartphones and other gadgets during the COVID-19 pandemic amid a supply crunch.

July-September net profit for TSMC, the world's largest contract chipmaker and a key supplier to Apple, came in at T$156.3 billion ($5.56 billion), well ahead of the T$149 billion average of 22 analyst estimates compiled by Refinitiv.

Advanced chips made by TSMC, formally known as Taiwan Semiconductor Manufacturing Co , are used in everything from high-end smartphones like Apple's newly unveiled 5G iPhone 13, to artificial intelligence, cars and a wide variety of lower-end consumer goods.

TSMC and Taiwan in general have also become central in efforts to resolve a pandemic-induced global chip shortage that has forced automakers to cut production, and hurt manufacturers of smartphones, laptops and even consumer appliances.

TSMC's revenue for the quarter climbed 22.6% to $14.88 billion, in line with the company's prior estimated range of $14.6 billion to $14.9 billion.