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TSMC sees semiconductor bounce as Q1 revenues rise 16.5%

Apr 10, 2024 - theregister.com
Taiwan Semiconductor Manufacturing Company (TSMC) reported a 16.5% increase in Q1 2024 revenue compared to the same period in 2023, with total earnings of NT$ 592.64 billion ($18.44 billion). The company's March revenue was NT$ 195.21 billion ($6.07 billion), a 7.5% increase from February and a 34.3% increase from March 2023. TSMC's performance exceeded market expectations, pushing its stock price to a new high.

TSMC also received a $6.6 billion funding boost from the US government for its semiconductor fabrication facilities in Arizona. Despite suffering water damage to equipment at several facilities due to an earthquake, the company appears to have emerged largely unscathed. The damage may slightly increase capital expenditures and have a short-term impact on operations.

Key takeaways:

  • TSMC's revenue increased by 16.5 percent in the first quarter of this year compared to the same period in 2023, with total revenue amounting to NT$ 592.64 billion (about $18.44 billion).
  • Monthly revenue for March was NT$ 195.21 billion ($6.07 billion), a 7.5 percent increase from February and a 34.3 percent increase compared to March last year.
  • Expectations are that demand for AI-capable PCs and datacenter kit will drive increased sales of high-end chips, benefiting TSMC as the chief chip manufacturer for Nvidia.
  • TSMC is set to receive $6.6 billion in CHIPS Act funding from the US government for the semiconductor fabrication facilities it is building in Arizona.
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