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TSMC double beat. CEO: "Our business in the first quarter was impacted by smartphone seasonality, partially offset by continued HPC-related demand" $TSM $TSMC https://t.co/0WnzHuPXe2
TSMC double beat. CEO: "Our business in the first quarter was impacted by smartphone seasonality, partially offset by continued HPC-related demand" $TSM $TSMC Note: Reposting this with correct screenshots. https://t.co/30JNfOKgSu
$TSM Earnings call notes: — Now sees auto chip demand to drop this year; Trims 2024 semi industry growth forecast about 10% (prior was over 10%). — Notes semi demand for Internet of Things and industrial applications also remains sluggish.
TSMC reported a double beat in its Q1 earnings, despite facing challenges from weakening macroeconomic conditions and softening market demand. The company's CEO highlighted that the slowdown in smartphone sales, influenced by seasonal trends, was partially mitigated by sustained demand in high-performance computing (HPC). Additionally, TSMC has revised its 2024 semiconductor industry growth forecast downward by about 10%, citing reduced demand for automotive chips and sluggishness in sectors like the Internet of Things and industrial applications. Despite a global tech recovery and an AI boom, the pace of recovery remains slower than anticipated.