Taiwan Semiconductor Manufacturing has released its April revenue figures, showing a noticeable slowdown in monthly growth, yet the annual growth trend remains robust.
According to an announcement on Friday, TSMC's consolidated revenue for April 2026 was approximately NT$410.73 billion, representing a decrease of 1.1% compared to the previous month, but an increase of 17.5% compared to the same period last year. Cumulative revenue from January to April reached NT$1.5448 trillion, marking a year-on-year increase of 29.9%.
The slight month-on-month decline in April revenue partly reflects the fading of the high base effect from March. In March, monthly revenue had surged to NT$415.19 billion, soaring 30.7% month-on-month and 45.2% year-on-year, driving the first-quarter total revenue to surpass the NT$1 trillion threshold for the first time. The April data adjustment is, to some extent, a normal seasonal pattern. However, the significant narrowing of the year-on-year growth rate from 45.2% in March to 17.5% in April is a point worthy of market attention.
Cumulative growth for the first four months remains strong. Previously disclosed data showed that TSMC's consolidated revenue for the first quarter of 2026 was approximately NT$1.134 trillion, equivalent to about US$35.6 billion, a 35.1% increase year-on-year, slightly exceeding the average analyst expectation of NT$1.12 trillion. This result marked the first time TSMC's quarterly revenue crossed the one trillion New Taiwan Dollar mark, establishing a high baseline for full-year growth.
Despite the cooling performance in April alone, TSMC's cumulative revenue for the first four months still reached NT$1.5448 trillion, maintaining a growth rate of 29.9%. This figure indicates that the overall revenue expansion trend has not shown significant weakening, driven by sustained demand for artificial intelligence-related chips. For investors, the growth performance on a cumulative basis may hold more reference value than monthly fluctuations.
Earlier this year, Alphabet, Amazon, Meta, and Microsoft announced that their combined AI-related capital expenditures for the year would reach $725 billion, far exceeding previous expectations. As the core foundry partner for leading chip companies like Nvidia and AMD, TSMC directly benefits from this capital investment wave.
In April, TSMC raised its full-year revenue guidance and indicated that its annual capital expenditure would trend towards the upper end of its existing forecast range, which has a high end of $56 billion. This signals management's positive outlook for the full-year business prospects. TSMC's stock price has hit record highs this year, a rally similarly led by the AI boom.
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