TSMC Q1 net profits weakest in years

MISSED EXPECTATIONS: Net profits of NT$61.39 billion were below analysts’ forecasts, but the chipmaker’s CEO said that demand was stabilizing and the worst might be over

Taipei Times
Date: Apr 19, 2019
By: Lisa Wang  /  Staff reporter

Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday posted its weakest quarterly net profits in about four-and-half years, largely due to flagging demand for premium smartphones and customers’ inventory corrections.

TSMC’s net profits plunged 31.6 percent to NT$61.39 billion (US$1.99 billion) in the quarter ending on March 31, compared with NT$89.79 billion in the same period last year.

That represents a decline of 38.6 percent from NT$99.98 billion in the previous quarter.

The result fell short of analysts’ expectations, as Credit Sussie Group AG’s had forecast NT$62.11 billion, while Citigroup Market Inc had said NT$61.6 billion.    [FULL  STORY]

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