Published , by Bill Lavoy
Published , by Bill Lavoy
Taiwan Semi (TSM) reported its Q2 2023 earnings recently, and while the company beat on earnings per share (EPS) and revenue, the world’s largest chipmaker saw drops year-over-year. Taiwan Semi went on to lower guidance for its upcoming Q3 2023, and the stock fell as a result.
According to the Taiwan Semi investor relations website, the new Q3 2023 guidance is as follows:
The company had this to say about its updated outlook in its Q2 2023 earnings report:
"This is the third cut to its revenue outlook that TSMC has made this cycle," Needham analyst Charles Shi said. Shi went on to say that "TSMC's second-quarter earnings call may go down as one of the more pessimistic calls in recent history.”
Yesterday, TSM closed trading at $103.06 per share, followed by a closing price of $98.01 per share today. That’s a 4.9 percent drop, and it brought the entire semiconductor sector down with it, as AMD and Intel (INTC) also saw drops.
For more financial reporting in gaming and tech, stick right here with Shacknews.