TSMC Q2 profit falls 23%, beats market expectations

TAIPEI (Reuters) -Taiwanese chipmaker TSMC posted a 23.3% fall in second-quarter net profit on Thursday as global economic woes dented demand for chips used in applications as varied as cars, cellphones and servers and coming off a strong period last year.

Taiwan Semiconductor Manufacturing Co Ltd (TSMC), the world’s largest contract chipmaker and a major Apple Inc (NASDAQ:) supplier, saw April-June net profit drop to T$181.8 billion ($5.85 billion) from T$237.0 billion a year earlier.

That compared with the T$172.55 billion average of 21 analyst estimates compiled by Refinitiv.

TSMC, Asia’s most valuable listed company, said second-quarter revenue dropped 13.7% year-on-year to $15.68 billion, in line with the company’s previous forecast.

TSMC’s Taipei-listed shares fell 27.1% in 2022, but are up around 30% so far this year, giving the chipmaker a market value of $486.5 billion. The stock fell 0.3% on Thursday versus a 0.3% rise in the benchmark index.

($1 = 31.0580 Taiwan dollars)