TSMC, the world’s largest chip manufacturer, reported declining profits in the second quarter of this year, hit by weak demand for electronics.
According to the company’s data, net income was Taiwan $181.8 billion ($5.85 billion) from April to June, down 23.3% from the same period last year.
The company attributed its profits to a 10% year-on-year decline in revenue to 480.84 billion Taiwanese dollars, as a result of lower sales volume and prices across all its divisions.
It said it expected challenges to continue in the second half of the year, lowering its 2023 revenue growth forecast to about 10%, compared with less than 5% it had forecast in April.
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