TSMC reports huge surge in profit

29 June 2022 News

Taiwan Semiconductor Manufacturing Company, the world’s largest contract chip maker, announced a huge 76,4% in second quarter profit, which is its biggest jump in earnings in the last eight financial quarters. This was largely due to the major demand for its chips after a two-year long global shortage.

Net profit for April to June rose to a record $7,9 billion, despite record global inflation and analysts warning of a looming recession. Demand for Apple’s iPhone 13 as well as strong sales of high-performance computing chips used in 5G networks and artificial intelligence applications were a major contributor.

TSMC has accordingly raised its 2022 forecast while warning that it will reduce spending on expansion by as much as 9%, reflecting uncertainty about the demand for electronics in the face of a global recession. However, CEO C.C. Wei said that it was too early to go into specifics about spending plans or the outlook for semiconductor demand in 2023, but that TSMC should still enjoy “a growth year.”

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