TAIPEI (Reuters) – Taiwanese semiconductor maker Taiwan Semiconductor Manufacturing Co (TSMC) reported a 19 percent drop in fourth-quarter net profit on Thursday as global economic woes hit demand for chips.
Taiwan Semiconductor Manufacturing Co Ltd (TSMC), the world’s largest contract chipmaker and a major supplier to Apple and Nvidia, saw its net profit in the October-December period decline to 238, 7 billion Taiwan dollars (6.97 billion euros), compared to 295.9 billion Taiwan dollars the previous year.
This profit, however, exceeded the NT$226.4 billion forecast by LSEG SmartEstimate.
TSMC, Asia’s most valuable publicly traded company, also said its fourth-quarter revenue fell 1.5 percent year-on-year to $19.62 billion, in line with to the company’s forecast of between $18.8 billion and $19.6 billion.
Capital spending in the fourth quarter was $5.24 billion, compared to $7.1 billion in the third quarter.
(Reporting by Yimou Lee and Faith Hung; written by Ben Blanchard; Diana Mandiá)
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