Chipmaker TSMC Cuts Sales Outlook On Crypto, Smartphone Slowdown
Summary
Taiwan Semiconductor Manufacturing ( TSM ), the worlds largest contract chipmaker, on Thursday lowered its full-year sales outlook on a slowdown in demand for cryptocurrency mining and smartphones.It earned 47 cents per U.S. share, a penny better than views, on in-line sales of $7.85 billion in the June quarter."Our second-quarter business was mainly impacted by the mobile product seasonality, while the continuing strong demand from cryptocurrency mining and a more favorable currency exchange rate moderated the mobile softness," TSMC Chief Financial Officer Lora Ho said in a news release.Chief Executive C. C. Wei said revenue growth in 2018 would be a high single-digit percentage, down from an already reduced earlier projection of 10%, Bloomberg reported .It makes chips for companies like Apple ( AAPL ), Nvidia ( NVDA ) and Qualcomm ( QCOM ).