- Taiwan Semiconductor Manufacturing Company Ltd TSM reported a 56% growth in October sales, signaling that the world’s largest contract chipmaker continues to weather a broader slowdown in electronics demand.
- The Apple Inc AAPL supplier revenue rose to NT$210.3 billion ($6.6 billion) from NT$134.5 billion a year earlier. It increased by a meager 1% month-over-month.
- Year-to-date sales at TSMC, which benefits as the Taiwanese dollar depreciates, have risen 44%.
- Also Read: iPhone Lovers’ Fate Undecided As China Battled Rising Covid Cases, Lockdowns
- Electronics sales from smartphones to computers weakened as consumers curbed spending amid accelerating inflation and rising interest rates, pressuring chipmakers, Bloomberg reported.
- The industry has also been hit by the U.S.-China tech war, with Washington enacting restrictions to try to counter China’s ambitions and trying to attract more projects to U.S. shores.
- Last month, TSMC reported higher-than-expected sales for the third quarter, even as rival Samsung Electronics Co SSNLF and U.S. processor and graphics chip maker Advanced Micro Devices Inc AMD both missed estimates.
- Price Action: TSM shares are up 6.58% at $69.28 on the last check Thursday.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.