- Taiwan Semiconductor Manufacturing reported its first monthly revenue decline in nearly four years due to macroeconomic challenges. The group’s Q1 earnings, set to release on April 20, are now in focus. In March, TSMC’s revenue was NT$145.4 billion ($4.8 billion), representing an 11% decline from February and a 15% drop from March 2022. This marks the first annual decrease in monthly revenue since May 2019.
- TSMC reported that its revenue from January to March was NT$508.6 billion, which is 3.6% higher than the same period last year. However, the figure is at the lower end of the previously projected range of $16.7 billion to $17.5 billion. Analysts had expected a better performance, with the consensus estimate being NT$525.9 billion among brokers surveyed by FactSet as of Monday.
Why it matters
In January, the chip maker warned that weak macroeconomic conditions may further impact its business due to softness in end market demand and customer inventory adjustments in the first quarter. However, a sluggish performance in March could potentially result in a lower-than-expected performance for the first quarter of 2023, which could affect investors.
