TSMC 1st qtr net profit growth sharply slows amid soft global demand

Taiwan Semiconductor Manufacturing Co. posted Thursday a 2.1 percent growth in its net profit in the first quarter of 2023 from a year earlier, sharply slowing from a 78.0 percent jump in the previous three-month period due to weakening global demand for chips.

The world’s largest contract chipmaker reported net profit of NT$206.99 billion ($6.77 billion), down 30 percent from the October-December period of 2022.

Its sales edged up 3.6 percent from a year earlier to NT$508.63 billion, but down 18.7 percent compared with the last quarter of 2022.

TSMC Chief Financial Officer Wendell Huang said ...