- Taiwan Semiconductor Manufacturing Company Ltd (NYSE:TSM) reported a 56% growth in October sales, signaling that the world’s largest contract chipmaker continues to weather a broader slowdown in electronics demand.
- The Apple Inc (NASDAQ: AAPL) supplier revenue rose to NT$210.3 billion ($6.6 billion) from NT$134.5 billion a year earlier. It increased by a meager 1% month-over-month.
- Year-to-date sales at TSMC, which benefits as the Taiwanese dollar depreciates, have risen 44%.
- Also Read: iPhone Lovers’ Fate Undecided As China Battled Rising Covid Cases, Lockdowns
- Electronics sales from smartphones to computers weakened as consumers curbed spending amid accelerating inflation and rising interest rates, pressuring chipmakers, Bloomberg reported.
- The industry has also been hit by the U.S.-China tech war, with Washington enacting restrictions to try to counter China’s ambitions and trying to attract more projects to U.S. shores.
- Last month, TSMC reported higher-than-expected sales for the third quarter, even as rival Samsung Electronics Co (OTC:SSNLF) and U.S. processor and graphics chip maker Advanced Micro Devices Inc (NASDAQ: AMD) both missed estimates.
- Price Action: TSM shares are up 6.58% at $69.28 on the last check Thursday.
Dow Jumps Over 200 Points; Hibbett Posts Upbeat Earnings
U.S. stocks traded higher this morning, with the Dow Jones gaining more than 200 points on Friday.
Following the market opening Friday, the Dow traded up 0.69% to 34,336.37 while the NASDAQ rose 0.57% to 13,540.74. The S&P 500, also rose, gaining, 0.53% to 4,399.59.
