TSMC reports a 76% rise in net profits for Q2
• Revenue rose 43.5% year-on-year to $18.16 billion
Taiwan Semiconductor Manufacturing Company (NYSE: TSM) posted record net profit in the second quarter, quietening fears over weak demand due to high inflation.
Revenue rose 43.5% year-on-year to $18.16 billion while net profit surged 76.4% to a record $7.94 billion—the biggest jump in eight quarters—handily beating market estimates.
The company reported revenue to be between $19.8 billion and $20.6 billion in the third quarter, surging from $14.8 billion in the same period last year.
It raised its 2022 revenue growth forecast to a mid-30s percentage from an earlier 26% to 29% range.
TSMC CEO CC Wei said that some of the company’s capital expenditure would be “pushed out into 2023.” He cited “greater challenges in the supply chains” which is extending delivery times for some chipmaking equipment.
TSMC said it saw weakness in the consumer market such as smartphones and PCs but its data center and automotive business remained “steady.”
Source - TSMC
Read more:
U.S. auto sales decline in the first-quarter amid chip shortages
Nvidia CEO says would consider in exploring Intel as its chip manufacturer
