• The Taiwan Semiconductor Manufacturing Company (TSMC) disclosed a third-quarter profit of 211 billion New Taiwan dollars ($6.69 billion) on Thursday, with ongoing weak demand for consumer electronics. Despite marking the most substantial profit decline since the first quarter of 2019, the world's leading contract chipmaker surpassed analysts' expectations.
• TSMC's third-quarter results compared to Refinitiv consensus estimates are as follows: The chip giant noted a 13.7% increase in revenue in the third quarter when compared to the second quarter. In the second quarter, the Taiwanese company experienced its first quarterly profit drop in four years due to a post-pandemic decline in consumer electronics demand, such as smartphones and laptops. However, analysts anticipate a resurgence in demand as chip inventories at smartphone and PC manufacturers deplete.