Taiwan Semiconductor Manufacturing (TSMC), one of the top chip manufacturers in the world and one of the most favorite companies of most emerging market investment funds, revised its revenue outlook downwards and warned investors that the global electronics collapse may continue for a while, despite the boom in artificial intelligence development.
Known as the main chip manufacturer for companies such as Apple and Nvidia, TSMC has increased the decrease in its sales, which was previously predicted as single-digit, to double-digit levels, to 10 percent this year. In the revision, attention was drawn to the decreasing demand for computers and smartphones globally.
For this quarter, TSMC predicted sales between $16.7 billion and $17.5 billion, which fell short of expectations. It was also stated that capital expenditures for 2023 will come towards the lower end of the previously projected $32 to $36 billion range.
The company drew attention to the decrease in revenue by announcing a decrease in quarterly profit for the first time in four years. Net income was reported at 181.8 billion New Taiwan dollars ($5.85 billion), a 23 percent decrease.
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