United Microelectronics Corp (UMC) saw its stock soar by 7.30% on October 30, 2024, following the release of its strong third-quarter 2024 financial results and positive outlook for the upcoming quarter.

UMC, a Taiwanese semiconductor company, reported a 6% year-over-year increase in its Q3 2024 revenue to $1.91 billion, surpassing analyst consensus estimates of $1.88 billion. Furthermore, the company's earnings per ADS of $0.183 also exceeded expectations, driven by solid demand for its 22nm and 28nm products, which accounted for 35% of wafer revenue.

Looking ahead, UMC expressed optimism about stabilizing demand across various end markets and a clear downward trend in inventory levels. The company's co-president, Jason Wang, highlighted several exciting technology and collaboration projects in the pipeline, aligning closely with customers' product roadmaps. Additionally, UMC's diversified manufacturing footprint, including the upcoming fab expansion in Singapore and the collaboration with Intel, is expected to support customers' long-term strategies.