45.34 -0.06 (-0.13%)
After hours: 4:39PM EDT
|Bid||45.34 x 1400|
|Ask||45.40 x 2900|
|Day's Range||44.00 - 45.64|
|52 Week Range||34.21 - 45.64|
|Beta (3Y Monthly)||0.87|
|PE Ratio (TTM)||20.36|
|Forward Dividend & Yield||1.35 (3.28%)|
|1y Target Est||N/A|
Taiwan Semiconductor Manufacturing Co. narrowly beat Wall Street's targets for the first quarter, but guided sales estimates lower for the current quarter. TSMC stock hit a buy point Thursday.
On a day when Pinterest stock went public and Zoom also launched a widely watched IPO, the stock market shook off early weakness and closed higher Thursday.
Taiwan's TSMC struck an upbeat note about the outlook for the depressed global chip market, betting that a rollout of faster 5G mobile network would buoy demand, even as it posted its steepest quarterly profit drop in more than seven years. TSMC, the world's biggest contract chipmaker, said a recent settlement between its top clients Apple and Qualcomm to end their two-year legal dispute over smartphone chips will help the Taiwanese firm. "While the economic factor and mobile product seasonality are still lingering as we move into second quarter, we believe we may have passed the bottom of the cycle of our business as we are seeing demand stabilizing," TSMC CFO Lora Ho said.
TSMC said its gross margin would continue to slide in the second quarter to between 43 and 45 per cent from 47.8 per cent last year — a rare blow for the company given its controlling share of the global market.
The world’s largest made-to-order chipmaker is predicting revenue of $7.55 billion to $7.65 billion in the June quarter, versus an average estimate for $7.6 billion and little changed from a year earlier. On Thursday, TSMC reported a larger-than-anticipated 32 percent plunge in net income during the January to March period. TSMC is showing the strains of a plateauing smartphone market as Apple, its biggest customer, seeks to boost growth with services rather than hardware.
Even after the high-profile loss of the Snapdragon 855, Samsung's factories are still going to be producing a lot of Qualcomm chips.
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