The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Taiwan Semiconductor Manufacturing Co. raised its sales outlook for the year after quarterly earnings jumped 45%, helped by solid demand for chips used in everything from smartphones to cars.
Annual revenue in dollar terms will top the previous outlook for as much as 20%-plus growth, the world’s biggest contract manufacturer of chips said. Sales will rise to $17.6 billion to $18.2 billion in the quarter through June, it said, implying growth of more than 30%.
Shares of TSMC lost about 7% this year, dragged down by a broader decline in global technology stocks and China’s lockdowns which have weighed on consumer demand and affected supply chains. The stock was little changed ahead of the company’s report, which was published after market close.