Despite a rise in profits, Taiwan Semiconductor warns of weaker demand

Taiwan Semiconductor Manufacturing 2330 -0.63% announced third-quarter sales and earnings that above consensus estimates.

But it also issued a demand warning due to the danger posed by declining consumer spending to the semiconductor industry.

The largest contract chip manufacturer in the world announced a quarterly revenue increase of 48% to 613.14 trillion Taiwanese dollars and an 80% increase in net income to 280.87 trillion Taiwanese dollars.

Taiwan Semiconductor (ticker: TSM) said that its sales in US dollars increased by 36% to $20.23 billion.

According to the FactSet average, the results exceeded experts' predictions for net income of 264.8 billion Taiwanese dollars and sales of 604.9 billion Taiwanese dollars. 

Earnings per share were 10.83 Taiwanese dollars, above the 10.26 average estimate in the FactSet database.


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