Reuters reports that analysts believe strong iPhone 7 sales are behind A10 chipmaker TSMC reporting record profit and sales in Q3, and now raising its forecast for 2016 revenue.

TSMC reported July-September net profit climbed 28 percent to T$96.8 billion ($3.08 billion) […] TSMC, which doesn’t disclose details of customer orders, said on Thursday it now expects revenue growth to be 11-12 percent, compared with a previous estimate of a 5-10 percent increase. “Demand for high-end smartphones will continue to improve,” said co-Chief Executive Officer Mark Liu …

Taiwan-based Fubon Research said that it expected iPhone 7 business to account for 10-15% of TSMC’s revenues in the second half of the year, with estimated shipments of 82M iPhone 7 units – substantially higher than earlier predictions.

The speculation builds on an earlier KPMG note stating that shipment volumes of the iPhone 7 Plus were better than expected, though overall volumes for the new phone were then said to be lower than for the 6s. KGI’s Ming-Chi Kuo raised his forecast from 60-65M sales to 70-75M.

Two U.S. carriers have also reported record sales of the iPhone 7.

Bank of America yesterday suggested that iPhone 7 sales had failed to impact electronics spending, though as we observed then, that’s likely because it failed to factor in the hit caused by the double recall of the Samsung Galaxy Note 7, with literally millions of lost sales.

FTC: We use income earning auto affiliate links. More.

Check out 9to5Mac on YouTube for more Apple news: