Taiwan Semiconductor Manufacturing Company (TSMC) has projected revenue growth of at least 8% to a range of $18 billion to $18.8 billion in the quarter ending March 2024.
The guidance has come after a sequential improvement in December quarter earnings for the company that's a big supplier for tech giants like Apple and Nvidia.
However, compared to a year earlier, TSMC continued to struggle with a 19.3% fall in revenue to $19.62 billion in the three months ending December 2023.
“Our fourth quarter business was supported by the continued strong ramp of our industry-leading 3-nanometer technology,” said Wendell Huang, VP and Chief Financial Officer of TSMC.
“Moving into the first quarter of 2024, we expect our business to be impacted by smartphone seasonality, partially offset by continued HPC-related demand," he added.
The management further expects the 2024 capital budget to be between $28 billion and $32 billion.
TSMC's Taipei-listed shares surged 32% last year. The stock rose 1.2% on Thursday ahead of the results versus a 0.4% gain for the benchmark index, giving the company a market value of $478.3 billion.
(Edited by : Sriram Iyer)
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