RIGID GOAL: The chipmaker said that its objectives are unchanged, and it still expects to meet its five-year compound annual growth target of between 5 and 10 percent in 2021

Taipei Times
Date: Jul 20, 2018
By: Lisa Wang  /  Staff reporter

Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), which supplies chips for Apple Inc’s iPhones, yesterday cut its revenue growth forecast for this year again, to less than 10 percent, as volatile bitcoin prices dampened demand for the chips used in cryptocurrency mining machines.

The latest downward adjustment came after TSMC reported a 19.5 percent contraction in net profit to NT$72.29 billion (US$2.36 billion) for the April-to-June quarter, compared with NT$89.79 billion in the first quarter. Net profit expanded 9.1 percent year-on-year from NT$66.27 billion.

At the beginning of this year, the Hsinchu-based chipmaker was aiming for a revenue growth rate of between 10 and 15 percent for this year.

However, a decrease in smartphone demand last quarter and the recent decline in cryptocurrency mining activity has prompted clients to cut orders, TSMC said.
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