TSMC rallied Thursday after the third-party silicon-wafer fabricator's results once again brought up inevitable speculation about 'the bottom.'
U.S. shares of Taiwan Semiconductor Manufacturing Co. rallied Thursday after the third-party silicon-wafer fabricator’s results once again brought up the inevitable speculation about “the bottom” — and that it may come a quarter later than expected.
Before earnings, Needham analyst Charles Shi had said the bigger the cut to TSMC’s full-year guidance, the better shape things will be in for 2024, indicating a bottoming out in the first half of the year. In a Thursday note, Shi called it “the most anticipated earnings call of this downcycle.” TSMC forecast first-quarter revenue of $16.7 billion to $17.5 billion and gross margins between 53.5% and 55.5%, slimmer than the fourth quarter’s 62.2%. Analysts surveyed by FactSet expect $17.39 billion.
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