Shares of Taiwan Semiconductor Manufacturing (TSMC), a major Apple supplier and the world's largest contract chipmaker, jumped 3.7 percent on Friday to outperform the broader market.

This came after the chipmaker announced forecast-beating second-quarter profit, with analysts buoyant on the firm's outlook despite some downside concern.

TSMC posted on Thursday a 76.4 percent leap in profit for the April-June period of 2022, to $7.92 billion.

It said it was "highly confident" about its long-term prospects. However, it also signaled cooling demand from consumer electronics customers who it expects to reduce chip stockpiles over the next few quarters into 2023.

Due to slowing consumer demand and soaring inflation, the market has been wary of a possible chip glut.

TSMC's earnings are likely to ease some of those worries for now.

Analysts at J.P. Morgan said TSMC acknowledging the downturn was a "positive start", expecting the chipmaker's stock price to move up modestly in the near term.

In a recent report, the World Semiconductor Trade Statistics predicts that the global semiconductor market will record double-digit growth this year to reach $646 billion. But it expects growth rate to drop from 26.3 percent last year to 16.3 percent in 2022, and to further decrease to 5.1 percent in 2023.

(With input from Reuters)