TSMC Q2 profit falls 23%, beats market expectations
TSMC posted a 23.3% fall in second-quarter net profit on Thursday as global economic woes dented demand for chips used in applications as varied as cars, cellphones and servers and coming off a strong period last year.Taiwan Semiconductor Manufacturing Co Ltd (TSMC), the world's largest contract chipmaker and a major Apple Inc supplier, saw April-June net profit drop to T$181.8 billion ($5.85 billion) from T$237.0 billion a year earlier. That compared with the T$172.55 billion average of 21 analyst estimates compiled by Refinitiv.
TSMC, Asia's most valuable listed company, said second-quarter revenue dropped 13.7% year-on-year to $15.68 billion, in line with the company's previous forecast. TSMC's Taipei-listed shares fell 27.1% in 2022, but are up around 30% so far this year, giving the chipmaker a market value of $486.5 billion.
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