A few days ago, TSMC held a law conference for the second quarter of 2023. In addition to announcing the second quarter financial report and releasing the third quarter performance outlook, the company's president Wei Zhejia once again mentioned the issue of inventory adjustment in the semiconductor industry. He expected that the inventory adjustment may continue until fourth quarter.
TSMC’s revenue in the second quarter was NT$480.84 billion, an annual decrease of 10%; net profit was NT$181.8 billion, an annual decrease of 23.3%. In U.S. dollars, TSMC’s revenue in the second quarter was US$15.68 billion, an annual decrease of 13.7% and a quarterly decrease of 6.2%. Gross profit margin was 54.1%.
In terms of technology platforms, TSMC’s high-performance computing revenue accounted for 44% in the second quarter, 33% of which continued to surpass smartphones, 8% of IoT, 8% of automotive electronics, and 3% of consumer electronics. Among them, consumer electronics revenue grew by 25% compared with the previous quarter, with the strongest momentum, and automotive revenue also increased slightly by 3%.
TSMC expects that the revenue in the third quarter will be between US$16.7 billion and US$17.5 billion, with a quarterly increase of 6.5-11.6%, and a quarterly increase of 9.05% based on the median value. Calculated at NT$30.8 per US dollar, the revenue is estimated to reach 5143.6 -539 billion NT dollars, equivalent to a quarterly increase of 6.97-12.1%. In terms of annual revenue forecast, Wei Zhejia pointed out that this year’s annual revenue denominated in US dollars has dropped from 1% to 6% to about 10%, which is still better than the industry average, mainly due to technological leadership and differences change.
Wei Zhejia bluntly said, "The general trend is weaker than our previous expectations. When will the inventory adjustment be a good question? Everything depends on economic factors. The market terminal demand continues to be poor, and although AI is strong, it still cannot fully make up for the lack of demand. These are all factors that affect semiconductors. Factors for inventory adjustments.
Wei Zhejia said that in the third quarter, he did feel the increase in customer demand for AI, but the overall economic situation continued to weaken, the demand recovery in mainland China was slower than expected, and due to the weak overall demand in the terminal market, customers were more cautious, and it is expected that inventory adjustments may continue to the fourth quarter , the current view on the outlook is less optimistic than three months ago.
He said that this year's semiconductor (except storage) industry revenue will maintain the 4-6% decline estimated in the previous quarter, and the wafer foundry industry will be revised down from a decline of 7-9% to 14-16%.
Tags：