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Taiwan Semiconductor Manufacturing Company Ltd (NYSE: TSM) reported a 56% growth in October sales, signaling that the world’s largest contract chipmaker continues to weather a broader slowdown in electronics demand.
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The Apple Inc (NASDAQ: AAPL) supplier revenue rose to NT$210.3 billion ($6.6 billion) from NT$134.5 billion a year earlier. It increased by a meager 1% month-over-month.
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Year-to-date sales at TSMC, which benefits as the Taiwanese dollar depreciates, have risen 44%.
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Also Read: iPhone Lovers’ Fate Undecided As China Battled Rising Covid Cases, Lockdowns
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Electronics sales from smartphones to computers weakened as consumers curbed spending amid accelerating inflation and rising interest rates, pressuring chipmakers, Bloomberg reported.
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The industry has also been hit by the U.S.-China tech war, with Washington enacting restrictions to try to counter China’s ambitions and trying to attract more projects to U.S. shores.
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Last month, TSMC reported higher-than-expected sales for the third quarter, even as rival Samsung Electronics Co (0OTC: SSNLF) and U.S. processor and graphics chip maker Advanced Micro Devices Inc (NASDAQ: AMD) both missed estimates.
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Price Action: TSM shares are up 6.58% at $69.28 on the last check Thursday.
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