Taiwan chipmaker TSMC says quarterly profit up 78%
Taiwan Semiconductor Manufacturing Co., the biggest contract manufacturer of processor chips for smartphones and other products, says its quarterly profit rose 78% over a year earlier but forecast weak demand this year
TAIPEI, Taiwan (AP) — Taiwan Semiconductor Manufacturing Co., the biggest contract manufacturer of processor chips for smartphones and other products, said Thursday its quarterly profit rose 78% over a year earlier but forecast weak demand this year.
Revenue for the final quarter of 2022 rose 42.8% over a year earlier to 625.5 billion New Taiwan dollars ($20.6 billion), the company announced. Profit was 295.9 billion New Taiwan dollars ($9.7 billion).
TSMC, headquartered in Hsinchu, Taiwan, makes processor chips for brands including Apple Inc. and Qualcomm Inc. Many of their products are assembled by factories in China, which has exposed TSMC to the possible impact of U.S.-Chinese tension over technology and security.
Fourth quarter sales suffered from “demand softness” as global economies weakened, TSCM's chief financial officer, Wendell Huang, said in a statement. Huang said the company expects further sales weakness during the first quarter of 2023.
