Key Apple Supplier Clocks 48% Sales Growth In Q3 - Taiwan Semiconductor (NYSE:TSM)

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  • Taiwan Semiconductor Manufacturing Company Ltd TSM reported a September revenue growth of 36.4% year-on-year to NT$208.25 billion.
  • Revenue for January through September 2022 totaled NT$1.64 trillion, up 42.6% Y/Y.
  • Revenue for the third quarter grew 48% Y/Y to NT$613 billion ($19.4 billion), above the consensus of NT$603 billion, Bloomberg reports.
  • The report noted that rising revenue at Apple Inc’s AAPL most crucial chipmaker signals that the most prominent players in the $550 billion semiconductor industry may bypass the severe downturn helped by resilient demand for electronics products.
  • Apple backed off plans to increase production of its new iPhones, raising questions about underlying electronics demand.
  • Samsung Electronics Co, Ltd SSNLF expects Q3 FY22 sales of 76 trillion Korean won versus actual sales of 73.98 Korean won in Q3 FY21.
  • Samsung expects operating profit likely to drop nearly 32% to 10.8 trillion won compared to the same period last year.
  • Other chipmakers, including Micron Technology, Inc MU, warned against a tougher market as inventories build up and order cut by the data center and consumer tech clients.
  • Price Action: TSM shares closed lower by 0.17% at $74.35 on Thursday.

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Image and article originally from www.benzinga.com. Read the original article here.