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April 24, 2017

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TSMC's second-quarter sales beat expectations

TAIPEI--Taiwan Semiconductor Manufacturing Co. (TSMC, 台積電), the world's largest contract chip maker, on Thursday reported higher second-quarter sales than it had forecast, a performance that analysts attributed to solid demand for mobile devices.

For the April-June period, TSMC posted NT$183.02 billion (US$6.12 billion) in consolidated sales, up 23.48 percent from the previous quarter and above its projected NT$180 billion to NT$183 billion.

The figure also represented TSMC highest quarterly sales ever.

Analysts said that amid strong global interest in mobile devices, TSMC was at full capacity for production of the advanced 28 nanometer process in the second quarter, which helped drive its sales growth.

The sales data supported TSMC Chairman Morris Chang's forecast that the global semiconductor business would rebound strongly in the second quarter after inventory adjustments in the previous two quarters.

In June alone, TSMC's consolidated sales totaled NT$60.34 billion, a drop of 0.7 percent from May, but a 11.7 percent increase year-on-year, which indicated continued strong demand, analysts said.

TSMC posted NT$331.24 billion in consolidated sales for the first half of the year, an annual increase of 14.8 percent.

The company is expected to release its second-quarter results and give its third quarter guidance July 16 at an investor conference.

Citing strong demand in the second quarter, Barclays Capital forecast TSMC earnings per share of NT$2.17 for the April-June period, compared with NT$1.85 in the first quarter.

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