Taiwan Semiconductor Manufacturing Co. (TSMC) reported a 9% increase in net income for the first quarter, marking its first profit rise in a year with earnings of NT$225.5 billion compared to NT$214.9 billion in the same period last year, and an EPS of $1.38. Revenue reached NT$592.64 billion. Despite this financial upturn, TSMC has adjusted its 2024 semiconductor industry growth forecast downwards by about 10%, citing weaker macroeconomic conditions and reduced demand in end markets. This adjustment reflects a broader slowdown in the global tech recovery, which TSMC notes is not keeping pace with the AI boom. Additionally, the company estimates a loss of $92.4 million due to a recent Taiwan earthquake, further complicating its outlook. TSMC's shares have subsequently dropped significantly, reflecting investor concerns over the company's revised market expectations.