Taiwan Semiconductor Manufacturing Company Limited TSM, on Tuesday, reported December quarter revenues that implied that the quarterly numbers came roughly in line with estimates. The topline growth, however, slowed both from the previous quarter and the year.
What Happened: Taiwanese foundry TSMC, which supplies chips to U.S. big techs including Apple Inc. AAPL and Nvidia Corp. NVDA, said its December revenue came in at NT $192.56 billion ($6.32 billion). This marked a 13.5% decline from December but a 23.9% year-over-year increase.
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Quarterly revenue obtained by cumulating the monthly revenue reported by the company came in at NT $625.53 billion or $20.55 billion. This was roughly in line with average analyst estimate, compiled by Yahoo Finance. The company had previously guided revenue in the range of NT $19.9 billion-NT $20.7 billion.
The fourth-quarter revenue represents a modest 1.6% sequential increase and 30.5% year-over-year growth. In the third quarter, revenue climbed 29% sequentially and roughly 48% year-over-year.
The performance comes against the backdrop of slowing demand for chips by OEMs and the company’s other end markets amid a slowdown in economic growth.
Annual revenues came in at NT $2.26 trillion, a 42.6% increase from 2021.
The company is scheduled to release its December quarter results on Thursday before the market opens.
Price Action: In premarket trading on Tuesday, TSMC shares were up 0.81%, at $80.96, according to Benzinga Pro data.
Image and article originally from www.benzinga.com. Read the original article here.