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TSMC Sets New Revenue Records, Forecasts Robust Growth Amidst Market Demand

Despite a monthly dip, TSMC's year-on-year revenue growth and optimistic 2024 outlook underscore its industry dominance and technological advancements
Taiwan
t 2330.TW Blue Chip 150 Semicon 75 Tech 350 OM 60
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TSMC, the global semiconductor powerhouse, has unveiled its February 2024 financials, revealing a mixed but ultimately positive performance. The company reported a consolidated revenue of approximately 181.648 billion yuan, marking an 11.3% increase year-over-year and achieving a record-breaking figure for monthly earnings. However, this represents a 15.8% decline from January’s figures. The cumulative revenue for the initial two months of 2024 reached about 397.433 billion yuan, up 9.4% from the same period last year, setting another record.

The firm anticipates first-quarter revenues to be between $18 billion and $18.8 billion, translating to an NT$ range of 559.8 billion to 584.68 billion, slightly down from Q4 2023. Despite the global economic uncertainties, TSMC predicts a rebound from 2023’s lows, projecting substantial growth driven by its cutting-edge 3nm technology and robust demand for its 5nm process, particularly from the AI sector.

The semiconductor market is expected to see significant expansion in 2024, with TSMC at the forefront, benefiting from its industry leadership and expansive client base. Analysts, including those from Morgan Stanley, remain bullish, citing increasing orders and favorable wafer pricing trends. They’ve adjusted TSMC’s EPS forecasts upwards and boosted their stock price target, reflecting confidence in the company’s ongoing market outperformance and strategic global expansions. TSMC’s shares have responded positively, with recent surges highlighting investor optimism for the company’s future trajectory.

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