TSMC, the world’s largest chip manufacturer, shared its financial reports for the third quarter. The Taiwanese manufacturer, which reported a 25 percent decrease in net profit compared to last year, managed to exceed analyst estimates with its results. He also stated that the chip industry will make a comeback in 2024.
TSMC revenues dropped but shares skyrocketed
According to the figures announced by TSMC, net profit for the July-September period decreased to 211 billion Taiwan dollars from 280.9 billion Taiwan dollars in the previous year. However, this figure surprised analysts as it was above the profit forecast of T$195.5 billion.
Working with companies such as Apple, MediaTek and Qualcomm, TSMC’s revenue remained stable at $17 billion. High-performance computing sales, which include advanced chips for artificial intelligence applications, grew, accounting for 42 percent of total revenue.
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The Taiwanese manufacturer thinks there will be a recovery in the semiconductor industry, considering the growth in computers and smartphones. For this reason, he sees 2024 as a year of growth. TSMC CEO CC Wei said the bottom is “very close.”
Although uncertainty remains, CEO Wei pointed out that there is growing interest in TSMC’s 2nm chip technology. He stated that the company’s manufacturing capability is sufficient to meet the demand for artificial intelligence and high-performance computing.
It surprised analysts by beating expectations despite a 25 percent drop in revenue compared to last year. As a result, TSMC shares grew by more than 1 percent.
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