Shares of Apple supplier TSMC soar after quarterly profit beat forecasts

Shares of Apple supplier TSMC jumped 3.7% on Friday after the Taiwan-based chipmaker announced second-quarter earnings that topped expectations, with analysts positive on the company’s outlook.

Reuters:

Taiwan Semiconductor Manufacturing Co Ltd (TSMC), a major supplier to Apple Inc and the world’s largest contract chip maker, on Thursday posted a 76.4% jump in profit for the April-June 2022 period, to T$237.0 billion ($7.92 billion).

It said it was “very confident” about its long-term outlook, although it also hinted at cooling demand from consumer electronics customers who are expected to reduce chip stocks over the next few quarters to 2023.

Analysts at JP Morgan said TSMC acknowledged the decline was a “positive start”, expecting the chipmaker’s share price to rise modestly in the near term. “But confirmation of declines from other spring companies in this earnings season is needed for a definite clearing event.”

MacDailyNews Download: That bodes well for Apple, which is slated to report its fiscal third quarter results after the market closes on Thursday, July 28, 2022.

Please help support MacDailyNews. Click or tap here to support us independent technology blogs. Thank you!

Shop Apple Store on Amazon.

Leave a Comment