© Reuters. FILE PHOTO: The logo of Taiwanese chip giant TSMC can be seen in Tainan, Taiwan, December 29, 2022.
TAIPEI (Reuters) – Taiwanese chipmaker TSMC reported a 23.3% drop in second-quarter net profit on Thursday as demand for chips used in applications as diverse as cars, mobile phones and servers waned, posting a strong period last year.
Taiwan Semiconductor Manufacturing Co Ltd (TSMC), the world’s largest contract chip maker and a major supplier to Apple Inc (NASDAQ::), saw net profit for April to June drop to NT$181.8 billion (US$5.85 billion) from NT$237.0 billion a year earlier.
That compares to the NT$172.55 billion average of 21 analyst estimates compiled by Refinitiv.
TSMC, Asia’s most valuable listed company, said second-quarter revenue fell 13.7% year-on-year to $15.68 billion, in line with the company’s previous forecast.
Shares of TSMC listed in Taipei fell 27.1% in 2022, but are up about 30% so far this year, giving the chipmaker a market capitalization of $486.5 billion. The stock fell 0.3 percent on Thursday, compared to a 0.3 percent gain in the benchmark index.
($1 = NT$31.0580)
