Fourth-quarter net profits for Taiwanese semiconductor manufacturer TSMC rose 78% in the company’s report released Thursday, based on strong sales of advanced chips, which allowed it to avoid being battered by a broader industry downturn which saw sales of cheaper commodity chips plunge.

As the world’s largest chipmaker and an Apple Inc supplier, Taiwan Semiconductor Manufacturing Co Ltd (TSMC) reported net profits for the quarter from October to December rose from T$166.2 billion a year earlier to T$295.9 billion ($9.72 billion).

An average of 21 analysts estimates compiled by Rfinitiv had predicted net profits would come in at T$289.44 billion.

TSMC saw its business expand due to a global chip shortage which had been sparked by an explosion of demand for smartphones and laptops during the pandemic, as everyone was flush with stimulus cash and needed to upgrade home electronics to facilitate working from home. Although the chip shortage has passed, the company’s market dominance in making some of the most advanced chips in the world has keep demand for its products high.

Fourth quarter revenues rose 26.7% to $19.93 billion. TSMC had estimated revenues would come in within a range from $19.9 billion to $20.7 billion.

TSMC shares fell 27.1% over 2022, but have risen 8.5% since the beginning of the new year. The company’s market value now sits at $412.78 billion. On Thursday the stock rose 0.4%, compared with a 0.1% fall for the benchmark index.