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TSMC earnings report Q2 2023




  • TSMC reported that revenue fell 10% from a year ago to NT$480.84 billion, while net income fell 23.3% from a year ago to NT$181.8 billion.
  • Revenues and net income for the second quarter were better than the market’s expectations.
  • TSMC is the top producer of the world’s most advanced processors, but demand for consumer electronics has plummeted following the pandemic.

A woman walks past a Taiwan Semiconductor Manufacturing Company (TSMC) logo at the Hsinchu Science Park in Hsinchu on July 5, 2023. (Photo by Sam Yeh / AFP) (Photo by SAM YEH/AFP via Getty Images)

Sam Yeh | Afp | Getty Images

Taiwan Semiconductor Manufacturing Company, the world’s largest chip maker, posted a profit drop in the second quarter Thursday as demand for consumer electronics continues to fall.

Here are TSMC’s second-quarter results versus Refinitiv consensus estimates:

  • Income: NOK 480.84 billion New Taiwan Dollar ($15.68 billion), vs. NT$478.83 billion expected
  • Net income: NT$181.8 billion, vs. NT$172.55 billion expected

TSMC reported that revenue fell 10% from a year ago to NT$480.84 billion, while net income fell 23.3% from a year ago to NT$181.8 billion. The company had previously forecast sales for the second quarter between 15.2 and 16 billion dollars.

TSMC said its business was impacted by macroeconomic headwinds “which dampened end-market demand and led to customers’ ongoing inventory adjustment.”

This is the company’s first quarterly net income decline since the second quarter of 2019.

TSMC is the top manufacturer of the world’s most advanced processors, including the chips found in the latest iPhones, iPads and Macs. But demand for consumer electronics has plummeted after the pandemic.

Global demand for laptops and smartphones surged during the Covid-19 shutdowns, spurring smartphone and PC makers to stockpile chips. Now these companies are struggling with excess inventory as consumers cut back on purchases of these items due to rising inflation. This has led to a drop in the price of chips.

In May, TSMC’s biggest customer Apple reported that overall sales fell for the second quarter in a row.

The global smartphone market fell 11% in the second quarter compared to a year ago, according to a report published Tuesday by data insights provider Canalys.

But Canalys said there are signs pointing to a recovery in the smartphone market.

“The smartphone market is sending early signs of recovery after six consecutive quarters of decline since 2022,” said Canalys analyst Le Xuan Chiew. “Smartphone inventory has begun to clear as smartphone vendors prioritized cutting inventory of old models to make room for new launches.”

This is breaking news. Please check back for updates.



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