TSMC Q1 profit rises 2% y-o-y, beats market expectations

Taiwan Semiconductor Manufacturing Co Ltd , the world's largest contract chipmaker and a major Apple Inc supplier, saw January-March net profit rise to T$206.9 billion from T$202.7 billion a year earlier.TSMC, Asia's most valuable listed company, said first-quarter revenue dropped 4.8% year-on-year, in line with the company's previous forecast.

Analysts said TSMC sales will be under pressure in the second quarter, which is traditionally a slow season for electronics manufacturers and as major clients cut back on orders. TSMC's share price fell 27.1% in 2022, but is up around 14% so far this year giving the chipmaker a market value of $433.9 billion. The stock rose 0.6% on Thursday versus a 0.4% fall in the benchmark index. - Reuters

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