Summary by Futu AI
Taiwan Semiconductor Manufacturing Company Ltd. (TSMC) reported its first quarter earnings for 2024 on April 18, with a consolidated revenue of NT$592.64 billion and net income of NT$225.49 billion. The company's diluted earnings per share (EPS) stood at NT$8.70, marking an 8.9% increase from the same period last year. Despite the year-over-year growth, the first quarter results showed a 5.3% decrease in revenue and a 5.5% decrease in net income compared to the fourth quarter of 2023. The gross margin was reported at 53.1%, with operating and net profit margins at 42.0% and 38.0%, respectively. Advanced technologies, such as 3-nanometer and 5-nanometer processes, accounted for 65% of total wafer revenue. TSMC's CFO Wendell Huang attributed the first quarter performance to smartphone seasonality, balanced by high-performance computing (HPC) demand. For the second quarter of 2024, TSMC anticipates revenue to be between US$19.6 billion and US$20.4 billion, with gross and operating profit margins expected to range between 51%-53% and 40%-42%, respectively.