Benzinga - Taiwan Semiconductor Manufacturing Company (NYSE: TSM) shares are trading lower after the company reported a March revenue decline.
What to Know: On Monday, Taiwan Semiconductor Manufacturing Company (TSMC) announced its net revenue for March 2023. The company reported revenue of approximately NT$ 145.41 billion (USD $4.77 billion). This figure is a decrease of 10.9% from February 2023 and a decrease of 15.4% from March 2022.
From January until March TSMC reported revenues of NT$ 508.63 billion (USD $16.68 billion) which is an increase of 3.6% from NT $491.08 billion (USD $16.11 billion) during the same period last year. TSMC is facing order cuts and increased competition in the US from the CHIPS Act, which could negatively impact revenue for the Taiwan-based semiconductor company.
Taiwan Semiconductor Manufacturing Co. is the world's largest dedicated chip foundry, with over 57% market share in 2021 per Gartner. The foundry leader has an illustrious customer base, including Apple, AMD, and Nvidia, that looks to apply cutting-edge process technologies to its semiconductor designs.
According to data from Benzinga Pro, Taiwan Semiconductor Manufacturing Company shares were down 2.01%, trading at $88.43 at the time of publication. The stock has a 52-week high of $106.43, and a 52-week low of $59.44.
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