During the firm’s earnings call on Thursday, CEO C.C. Wei acknowledged that 2023 was a “challenging year for the global semiconductor industry” because of macroeconomic conditions and an inventory adjustment cycle.
TSMC beats profit and revenue expectations in the fourth quarter
. . .Here are TSMC’s fourth-quarter results versus LSEG consensus estimates:
- Revenue: 625.53 billion New Taiwan dollars ($19.62 billion), vs. NT$618.31 billion expected
- Net income: NT$238.71 billion, vs. NT$225.22 billion expected
TSMC reported revenue slipped 1.5% from a year ago to NT$625.53 billion, while net income dropped 19.3% from a year ago to NT$238.71 billion. That compares with TSMC’s guidance for fourth-quarter revenue between $18.8 billion and $19.6 billion.
. . .“We expect 2024 to be a healthy growth year for TSMC, supported by continuous strong ramp-up of our industry-leading three nanometer technologies, strong demand for the five nanometer technologies and robust AI-related demand,” said Wei.
TSMC expects first-quarter revenue to come in between $18 billion and $18.8 billion this year.
But he also flagged persisting macroeconomic headwinds that could weigh on consumer sentiment and market demand.
“TSMC’s strong ramp-up in N3 and AI applications positions it as a major beneficiary in AI semiconductors,” Brady Wang, associate director at Counterpoint Research, said Tuesday. N3 refers to TSMC’s most advanced node, which produces 3-nanometer chips."
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