Apple supplier TSMC's shares leap after profit beats estimates
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Apple supplier TSMC’s shares leap after profit beats estimates
TSMC shares jumped more than 4% on Friday morning, outperforming the broader market, after the Taiwanese chipmaker announced a forecast-beating third-quarter profit.
Taiwan Semiconductor Manufacturing Co Ltd (TSMC), a major Apple Inc supplier and the world’s largest contract chipmaker, posted on Thursday an 80% on-year surge in profit for the July-September period of 2022, the strongest growth in two years.
However, the company also trimmed capital spending by at least 10% for this year. TSMC, Asia’s most valuable listed company, said it was being more conservative in planning investments for 2023, but still expected “a growth year”.
Morningstar said in a research note that TSMC shares were cheap on long-term computing growth, especially growth for artificial intelligence, Internet of Things, and high-performance computing “may last for decades”.
MacDailyNews Take: Sub-$140 Apple shares are looking better and better every day as Apple’s earnings approach (October 27th).
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