Major Apple supplier TSMC Q3 profit beats expectations; expects ‘healthy growth year’

Taiwanese chipmaker and major Apple supplier TSMC posted a 25% fall in third quarter net profit on Thursday, beating expectations, and said the semiconductor industry looks poised for recovery.
Sarah Wu and Yimou Lee for Reuters:
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Taiwanese chipmaker TSMC posted a 25% fall in third quarter net profit on Thursday, beating expectations, and said the semiconductor industry could be poised for recovery.
For the year ahead, the world’s largest contract chipmaker predicted healthy growth and a drop in industry inventory levels.
Demand for personal computers and smartphones, two of TSMC’s business drivers, is expected to lead the recovery…
“We can expect 2024 to be a healthy growth year for TSMC,” CEO C.C. Wei told an earnings briefing, with the company expecting to “do better than the overall industry” next year. “In these couple of months, we have started to see demand stabilise in the PC and smartphone end market” and inventory controls have become “more healthy than we thought.”

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MacDailyNews Take: Should bode well for Apple stock.
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