TSMC shares slumped 3.5% after posting first revenue drop in nearly four years.
Taiwan Semiconductor Manufacturing Co. said Monday that its revenue fell 15% in March from a year earlier, marking the first drop in nearly four years.TSMC (2330.TW) said that revenue fell to 145.41 billion new Taiwan dollars (US$4.78 billion) from NT$171.97 billion in March 2022. That is its first monthly revenue fall since May 2019.
First-quarter revenue rose 3.6% from a year earlier to NT$508.63 billion (US$16.73 billion).
In January, TSMC Chief Financial Officer Wendell Huang had said that business in the first quarter would likely be affected by softness in end-market demand and customers' inventory adjustment as macroeconomic conditions remained weak.
TSMC had projected first-quarter revenue of between US$16.7 billion and US$17.5 billion, down from US$19.93 billion in the fourth quarter.
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