Market Updates
Taiwan Semiconductor Q3 Net Income Soars 80%
Scott Peters
13 Oct, 2022
New York City
Taiwan Semiconductor Manufacturing Co Ltd closed up 4.8% to $67.21 after the company said third quarter revenues increased 35.9% from a year ago and 11.4% from the previous quarter to $20.23 billion.
Consolidated revenue increased 47.9% to NT$613.14 billion, net income jumped 79.7%to NT$280.87 billion and diluted earnings per share surged 79.8% to NT$10.83 or $1.79 per ADR unit.
Gross margin in the quarter was 60.4%, operating margin was 50.6% and net profit margin was 45.8%.
In the third quarter, shipments of 5-nanometer accounted for 28% of total wafer revenue; 7- nanometer accounted for 26%.
Advanced technologies, defined as 7-nanometer and more advanced technologies, accounted for 54% of total wafer revenue, the statement from the company noted.
The company said it plans to cut its capital expenditure to $36 billion from the previous estimate of $40 billion reflecting weak demand for smartphones and personal computers.
The company also confirmed its plan to expand its Nanjing, China facility after it secured one-year U.S. extension to ship equipment
U.S. tightened its technology export controls to China, thwarting the second largest economy's tech ambitions.
TSMC's China sales declined to about 10% in 2021 from 17% in 2020, and the latest restrictions are likely to push sales below 7% of 2023 sales.
Despite the waiver, TSMC will not be able to support its Chinese customers and provide chips to clients like Nvidia and Advanced Micro Devices selling high end chips in China.
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