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TSMC -2.6% on soft May revenue

  • Taiwan Semiconductor Manufacturing Co. (NYSE:TSM) reports $2.72B in revenue from May 2018, down 1.1% on the month but up 11.2% Y/Y.
  • TSMC expects revenue of $7.8B to $7.9B in Q2, down 7% to 8% Q/Q. 
  • TSMC’s cumulative 2018 revenue through May totaled $13.7B, up 13% Y/Y. 
  • The company cut its 2018 forecast to a 10% growth from 10% to 15% at the most recent investors meeting due to weaker smartphone demand and growing cryptocurrency uncertainty. 
  • In other TSMC news, the company is accelerating mass production of its 7nm process technology to meet increasing demand and says major fabless clients like Qualcomm plan to skip 10nm to go directly to 7nm. 
  • Volume production now moves to Q2 and the foundry expects sales from the node to account for over 20% of revenue in Q4 and 10% for the year. 
  • Taiwan Semi shares are down 2.6% premarket to $38.50.  
  • Previously: Bloomberg: TSMC mass producing 7nm chips for Apple's iPhones (May 23)
  • Previously: TSMC reports 44% Y/Y revenue growth for April (May 10)

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Taiwan Semiconductor Manufacturing Company Limited