Friday 8th of April 2022 05:42:05 AM

Taiwan Semiconductor rises as after reporting record Q1 revenue

Taiwan Semiconductor (NYSE:TSM) shares rose after the chip manufacturing giant said it generated record revenue in the first-quarter, despite the challenges it dealt with. Net revenue for March 2022 rose 35% year-over-year to $5.94 billion or NT$171.97 billion, up 17% from February and 33.2% year-over-year. Revenue for the January to March period came in at $16.97 billion or NT$491.08 billion, an increase of 35.5% year-over-year. Taiwan Semi (TSM) shares rose slightly more than 0.5% to $101.10 in premarket trading on Friday. Taiwan Semiconductor (TSM) has faced a number of issues that have hampered production, including Covid-related shutdowns in China, but it has worked around them by pushing production to different plants. The company is also starting construction on a new fab in Kumamoto, Japan. Last month, Taiwan Semiconductor (TSM) Chairman Mark Liu said global demand for consumer electronics, such as smartphones, PCs and TV, has started to slow, due to factors such as the Russian invasion of Ukraine and Covid-related lockdowns in China. In January, Taiwan Semiconductor (TSM) Chief Executive C.C. Wei said the company would spend between $40 billion and $44 billion on capital expenditures in 2022, due to increased demand for semiconductors.

Top gainers today
Top losers today