TSMC Surpasses Expectations in Q2 Despite 23% Profit Plunge Amid Electronics Demand Slump
Taiwan Semiconductor Manufacturing Company (TSMC), the world's largest chipmaker, reported a second-quarter profit plunge as demand for consumer electronics continues to slump. TSMC's revenue slipped 10% from a year ago to NT$480.84 billion ($15.68 billion), while net income fell 23.3% to NT$181.8 billion. The company attributed the decline to macroeconomic headwinds and customers' ongoing inventory adjustment. This marks TSMC's first quarterly net income decline since 2019. However, there are signs of recovery in the smartphone market as vendors prioritize clearing inventory of old models to make room for new launches.