TSMC's profit plunged 23% in the second quarter as electronics demand continues to slump
A woman walks past a Taiwan Semiconductor Manufacturing Company logo at the Hsinchu Science Park in Hsinchu on July 5, 2023. Thursday as demand for consumer electronics continues to slump.New Taiwan dollars , vs. NT$478.83 billion expected6 hours agoTSMC reported revenue slipped 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 second-quarter revenue between $15.2 billion and $16 billion.
business was impacted by macroeconomic headwinds "which dampened the end market demand, and led to customers' ongoing inventory adjustment."Recovery underway? TSMC is the top producer of the world's most advanced processors, including the chips found in the latest iPhones, iPads and Macs. But demand for consumer electronics has plunged post-pandemic.
Global demand for laptops and smartphones spiked during Covid-19 lockdowns, spurring smartphone and PC makers to stockpile chips. Now those companies are grappling with excess inventories as consumers cut back on purchases of these goods due to rising inflation. This has led to a fall in prices for chips.
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