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Chipmaker TSMC's first quarter profit drops
Taiwanese Semiconductor Manufacturing Company recorded consolidated revenue of NTD 203.50 billion, net income of NTD 4.78 billion for the first quarter of 2016.
Year-over-year, first quarter revenue decreased 8.3% while net income decreased 18.0%. Compared to fourth quarter 2015, first quarter results represent essentially flat revenue, and an 11.1% decrease in net income. In US dollars, first quarter revenue was USD 6.14 billion, which decreased 1.6% from previous quarter and decreased 12.8% year-over-year. Gross margin for the quarter was 44.9%, operating margin was 34.6%, and net profit margin was 31.8%. The February 6, 2016 earthquake negatively impacted TSMC’s gross margin by 2.2 percentage points and operating margin by 2.4 percentage points. Shipments of 16/20-nanometer accounted for 23% of wafer revenues, and 28-nanometer process technology accounted for 30% of total wafer revenues. Advanced technologies, defined as 28-nanometer and more advanced technologies, accounted for 53% of total wafer revenues. “Although the February 6 earthquake caused some delay in wafer shipments in the first quarter, we saw business upside resulting from demand increases in mid- and low-end smartphone segments and customer inventory restocking,” said Lora Ho, SVP and Chief Financial Officer of TSMC. “We expect our business in the second quarter will benefit from continued inventory restocking and recovery of the delayed shipments from the earthquake,” Lora Ho continued.
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