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Taiwan Semi Boosts Revenue Forecast After Topping Earnings Estimates

by ITECHNEWS
July 14, 2022
in Business, Leading Stories
0 0
0
Taiwan Semi Boosts Revenue Forecast After Topping Earnings Estimates

Strong demand from auto makers and consumer goods giants helped Taiwan Semiconductor Manufacturing raise revenue forecasts for the year and beat second-quarter earnings estimates.

The world’s largest chip maker posted net income for the three months ended in June of $1.55 a share on revenue of $17.9 billion. Sales rose 43.5% year over year and 8.8% from the last quarter.

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TSMC (ticker: TSM), which supplies chips for Apple (AAPL) devices, beat Wall Street expectations for second-quarter profit. Analysts had estimated TSMC would report earnings per share of $1.44.

“Our second quarter business was supported by HPC, IoT and Automotive-related demand,” said Wendell Huang, chief financial officer of TSMC.

TSMC forecast third-quarter revenue of between $19.8 billion and $20.6 billion, ahead of the $18.6 billion forecast by analysts surveyed by FactSet.

American depositary receipts of TSMC rose 2.5% to $83.30 in premarket trading Thursday.

Source: Rupert Steiner
Via: Barron
Tags: Taiwan Semi Boosts Revenue Forecast After Topping Earnings Estimates
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