Taiwanese chipmaker TSMC reported a 23.3% fall in second-quarter net profit as global economic woes dented demand for chips.
The world’s largest contract chipmaker saw April-June net profit drop to T$181.8 billion ($5.85 billion) from T$237.0 billion a year earlier.
While the result beat analyst forecasts, it’s the company’s first year-on-year drop in quarterly profit since the second quarter of 2019 when it fell 7.6%.
TSMC said second-quarter revenue dropped 13.7% year-on-year to $15.68 billion, in line with the company’s previous forecast.