World's largest chipmaker TSMC sees biggest drop in profit in nearly five years
Publishing timestamp: 2023-10-19 09:06:30
Summary
TSMC reported a third-quarter profit of NT$211 billion ($6.69 billion), which marks its largest profit decline since the first quarter of 2019. However, the company exceeded analyst expectations on both revenue and net income. Weak demand for consumer electronics, particularly post-pandemic, has affected TSMC's business. The company expects inventories to continue to decline and sees some early signs of demand stabilization in the PC and smartphone market. TSMC is the top producer of advanced processors and manufactures semiconductors for companies like Apple and Nvidia. The global smartphone market showed a slowdown in its decline in the third quarter, and demand for AI chips has boomed. TSMC expects its fourth-quarter revenue to be supported by the strong ramp-up of its 3-nanometer technology.
Sentiment: MIXED
Keywords: apple inc, technology, arm holdings plc, breaking news: technology, taiwan semiconductor manufacturing co ltd, asia economy, earnings, business news, nvidia corp,
Source: https://www.cnbc.com/2023/10/19/tsmc-earnings-report-q3-2023.html