TSMC lifts forecast on strong 2Q24 financial results
Foundry TSMC has announced a net income of NT$247.85 billion (about US$7.54 billion) on sales revenue of NT$673.51 billion (about US$20.5 billion) for its 2Q24.
The results came in ahead of expectations and as a result the company has raised its forecast for its performance for the full year. Back in April chairman CC Wei said that TSMC’s full-year revenue would increase by low to mid-20s percent in US dollar terms. Wei updated that estimate in a conference call with analysts predicting TSMC’s 2024 revenue would increase by “slight above mid-20s percent” in US dollar terms.
Year-over-year, 2Q24 revenue increased 40.1 percent while net income increased 36.3 percent. In US dollars, 2Q24 revenue was $20.82 billion, up 32.8 percent year-over-year
In the second quarter, shipments of 3nm wafers accounted for 15 percent of total wafer revenue; 5nm wafers accounted for 35 percent and 7nm accounted for 17 percent
“Our business in the second quarter was supported by strong demand for our industry-leading 3nm and 5nm technologies, partially offset by continued smartphone seasonality,” said Wendell Huang, CFO of TSMC, in a statement. “Moving into 3Q24, we expect our
business to be supported by strong smartphone and AI-related demand for our leading-edge process technologies.”
TSMC forecast its 3Q24 revenues would be between US$22.4 billion and US23.2 billion. The company also narrowed its capital expenditure forecast for 2024 to between US$30 billion and US$32 billion.
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