TSMC’s fourth quarter profit better than expected

In another sign that a chip industry downturn may have bottomed out, major Apple supplier Taiwan Semiconductor Manufacturing Co. (TSMC)’s net income was better than expected.
Jane Lanhee Lee and Debby Wu for Bloomberg News:
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Hsinchu-based TSMC, the main chipmaker to Apple Inc. and Nvidia Corp., reported net income for the fourth quarter of NT$238.7 billion ($7.6 billion), beating the average analyst estimate of NT$224.1 billion.
Signs of recovery for the chipmaking sector have emerged in recent weeks. The Semiconductor Industry Association estimated chip sales increased in November after more than a year of declines. For TSMC, which counts Android chipmaker Qualcomm Inc. and Apple among its biggest customers, a robust consumer economy will help stabilize sales. Executives including Chief Executive Officer C. C. Wei said they expect “healthy growth” this year.

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MacDailyNews Take: Bodes well for Apple which reports first fiscal quarter results and business updates on Thursday, February 1, 2024 after market close.
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