Apple supplier TSMC’s shares jump after quarterly profit beats estimates

Apple supplier TSMC’s shares jumped 3.7% on Friday after the Taiwan-based chipmaker announced a second-quarter profit that exceed expectations, with analysts positive on the firm’s outlook.

Reuters:

Taiwan Semiconductor Manufacturing Co Ltd (TSMC), a major Apple Inc supplier and the world’s largest contract chipmaker, posted on Thursday a 76.4% leap in profit for the April-June period of 2022, to T$237.0 billion ($7.92 billion).
It said it was “highly confident” about its long-term prospects, though also signalled cooling demand from consumer electronics customers who it expects to reduce chip stockpiles over the next few quarters into 2023.
Analysts at J.P. Morgan said TSMC acknowledging the downturn was a “positive start”, expecting the chipmaker’s stock price to move up modestly in the near term. “But confirmation of downturn from other semi companies in this earnings season is necessary for a definitive clearing event.”

MacDailyNews Take: Bodes well for Apple which is scheduled to report third fiscal quarter results after market close on Thursday, July 28, 2022.
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