TSMC revenues flat, but better than market expectation
Taiwanese chipmaker TSMC has surprised the market with better than expected 4Q revenues of $20.1 billion.
The world's largest contract chipmaker, whose customers include Apple and Nvidia, appears to have benefited – like so many others – from the surge in demand for AI-related applications.
As a consequence, it posted revenue for 4Q 2023 of USD 20.10 billion. This was barely any different from Q4 2022 (USD 19.93 billion), but it did beat its own forecast, and a collective analyst expectation of USD 19.8 billion.
TSMC, Asia's most valuable publicly listed company, has been hit by sluggish smartphone and laptop chip sales along with a market-wide a glut of unsold inventory. Apple, TSMC’s most important customer, endured a challenging 2023 thanks to weak demand for iPads and wearables and supply constraints on its iPhone 15 Pro and Pro Max devices.