TSMC first-quarter profit almost doubles but trims full-year revenue estimate on pandemic [Reuters]
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Source: Reuters
TSMC first-quarter profit almost doubles but trims full-year revenue estimate on pandemic TAIPEI (Reuters) - Taiwan Semiconductor Manufacturing Co Ltd (TSMC) reported a near doubling in first-quarter net profit but trimmed its full-year revenue outlook as weakening demand caused by the coronavirus offsets strong sales for faster chips. The world’s largest contract chipmaker, whose clients include tech companies such as iPhone maker Apple Inc, said profit in the January-to-March period was T$116.987 billion ($3.89 billion), up 90.6% from a year earlier, It was the company’s strongest quarterly profit growth in nearly 10 years and much higher than the T$105.83 billion forecast on average by 19 analysts, Refinitiv Eikon data showed. The impact from the coronavirus outbreak however prompted TSMC to trim its 2020 revenue growth target to a “mid- to high-teens” percentage versus a previous forecast of nearly 20%. “Our second-half revenue is about flattish or may decline slightly,” Chief Fin
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