TSMC Foresees Long-Awaited Chip Recovery After Outlook Beat
- Sales and capex projections both came in ahead of estimates
- World’s most advanced chipmaker is struggling with a downturn
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Taiwan Semiconductor Manufacturing Co. projected revenue ahead of estimates and predicted the worst could soon be over for the chip industry, bolstering a growing view that tech demand could recover from its post-Covid funk going into 2024.
The primary chipmaker to Nvidia Corp. and Apple Inc. projected sales of $18.8 billion to $19.6 billion this quarter and capital spending of $32 billion for 2023, both ahead of analysts’ expectations. While capex figure marked the lower end of a previous range, it surpassed the $30.5 billion estimated.