Tokyo Electron Raises Outlook on Stronger-Than-Feared Demand
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Tokyo Electron Raises Outlook on Stronger-Than-Feared Demand
Tokyo Electron Raises Outlook on Stronger-Than-Feared Demand
(Bloomberg) -- Tokyo Electron Ltd. raised its profit outlook for the year after global chipmakers continued to spend on new equipment in the face of rising economic uncertainty.
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The Tokyo-based supplier to Taiwan Semiconductor Manufacturing Co. and Intel Corp. lifted its forecast for the year to March above expectations to ¥580 billion ($4.4 billion). Companies kept spending after reviewing investment plans, Tokyo Electron executives said during earnings calls Thursday.
The Japanese maker of equipment used to coat, etch and test silicon to form semiconductors now sees a recovery starting in the second half of 2023 and continued growth from 2024 onward, thanks in part to government subsidies for chip-related investments around the world, according to Hiroshi Kawamoto, Tokyo Electron’s general manager of finance.
The company, which competes against Applied Materials Inc., had slashed its profit outlook by more than a quarter in November in the wake of US sanctions on advanced chip-related exports. Lifting operating profit outlook by 6% “hardly provides any evidence for a recovery or resilience,” said Amir Anvarzadeh, strategist at Asymmetric Advisors.
Tokyo Electron climbed more than 5% Friday morning, its best intraday performance in almost three months.
The company has been closely watched for its reaction to the recent news that Japan and the Netherlands have agreed to join the US in imposing strict export restrictions on advanced semiconductor technology and products to China. Tokyo Electron is one of a handful of indispensable suppliers to the chipmaking industry, providing machinery to fabricate the latest generation of chips.
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