TSMC Q1 profit rises 2% year-on-year, beats market expectations

TAIPEI : Taiwanese chipmaker TSMC posted a 2 per cent rise in first-quarter web profit on Thursday beating market expectations however nonetheless the smallest quarterly progress in virtually 4 years as international financial woes dented demand for chips.

Taiwan Semiconductor Manufacturing Co Ltd (TSMC), the world’s largest contract chipmaker and a serious Apple Inc provider, noticed January-March web profit rise to T$206.9 billion ($6.76 billion) from T$202.7 billion a 12 months earlier.

That in contrast with the T$192.8 billion common of 21 analyst estimates compiled by Refinitiv.

TSMC, Asia’s most precious listed firm, mentioned first-quarter income dropped 4.8 per cent year-on-year, in step with the corporate’s earlier forecast.

Analysts mentioned TSMC gross sales shall be beneath stress within the second quarter, which is historically a gradual season for electronics producers and as main shoppers in the reduction of on orders.

TSMC’s share worth fell 27.1 per cent in 2022, however is up round 14 per cent thus far this 12 months giving the chipmaker a market worth of $433.9 billion. The inventory rose 0.6 per cent on Thursday versus a 0.4 per cent fall within the benchmark index.

($1 = 30.6210 Taiwan {dollars})

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