Chip manufacturer TSMC’s profit fell by 25% – Kommersant
[ad_1]
Today, October 19, the world’s largest semiconductor manufacturer, Taiwanese company TSMC presented third quarter reporting. The company’s revenue decreased by 14.6%, to $17.3 billion. Net profit fell by 25%, amounting to $6.5 billion. This is the strongest quarterly decline in profit since 2019. However, analysts had expected TSMC’s earnings to fall even further, so its shares rose 3% after the earnings release.
TSMC, like other chipmakers, has been suffering from falling demand for consumer and enterprise electronics amid macroeconomic uncertainty and after a surge in demand with the onset of the pandemic several years ago. Thus, Samsung’s profit in the third quarter fell by 78% due to reduced demand for memory chips. At the same time, many companies and experts believe that demand for chips reached a minimum in the third quarter, and by the end of the year it will begin to recover.
TSMC also forecast fourth-quarter revenue of $18.8 billion to $19.6 billion, up from the previous quarter. The company also expects that “2024 will be a year of healthy growth for TSMC.”
[ad_2]
Source link
