Vital Apple Supplier Taiwan Semiconductor To Appoint 6K Engineers - Taiwan Semiconductor (NYSE:TSM)

Taiwan Semiconductor Manufacturing Company Ltd TSM looked to hire over 6,000 new staff in 2023.
TSMC eyed young engineers with associates, bachelor's, master's, or doctorate degrees in electrical engineering or software-related fields in cities across Taiwan, Reuters reports citing the chipmaker's Saturday statement.
The average overall salary of a new engineer with a master's degree is T$2 million ($65,578.07).
Also Read: Taiwan Semiconductor Manufacturing Eyes Second Chip Plant In Japan Worth Over $7B: Report
A decline in demand for electronics and high inventory levels following a shortage of chips led to a downturn in the semiconductor industry.
Since late 2022, several global chip companies have curbed investments.
TSMC's advantage in making some of the most advanced chips for high-end customers like Apple Inc AAPL has shielded it from the downturn.
TSMC slightly reduced its annual capital expenditure for 2023 and predicts a first-quarter revenue drop but expects demand to pick up by the second half of this year.
In February, Intel Corp INTC shared plans to cut payments to mid-level staff and executives from 5% - 25%.
Price Action: TSM shares closed higher by 0.84% at $89.78 on Friday.