TSMC Q1 Profit Declines, Revenue Down 8.3% YoY; Issues Q2 Outlook - Quick Facts

(RTTNews) - Taiwan Semiconductor Manufacturing Company Limited (TSM) reported first-quarter net income of NT$64.8 billion or NT$2.50 per share compared to NT$79.0 billion or NT$3.05 per share, prior year. Year-over-year, first quarter revenue decreased 8.3% to NT$203.50 billion.

Lora Ho, CFO of TSMC, said: "Although the February 6 earthquake caused some delay in wafer shipments in the first quarter, we saw business upside resulting from demand increases in mid- and low-end smartphone segments and customer inventory restocking. We expect our business in the second quarter will benefit from continued inventory restocking and recovery of the delayed shipments from the earthquake."

TSMC management expects overall performance for second quarter 2016 to be: revenue between NT$215 billion and NT$218 billion; Gross profit margin between 49% and 51%; and operating profit margin between 38.5% and 40.5%.