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(Bloomberg) — Taiwan Semiconductor Manufacturing Co. posted a 56% improve in gross sales for October, signaling the world’s largest contract chipmaker continues to climate a broader slowdown in electronics demand.
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Income rose to NT$210.3 billion ($6.6 billion) from NT$134.5 billion a yr earlier, the corporate stated Thursday in an announcement. 12 months-to-date gross sales at TSMC, which advantages because the Taiwanese greenback depreciates, have risen 44%.
Gross sales of electronics from smartphones to computer systems are slowing as shoppers curb spending amid accelerating inflation and rising rates of interest, leaving chipmakers below stress. The trade has additionally been hit by the US-China tech warfare, with Washington enacting restrictions to attempt to counter China’s ambitions and attempting to draw extra tasks to US shores.
Learn extra: TSMC Prepares for One other US Plant as China Tensions Simmer
TSMC stated this week it was making ready for one more US plant along with the $12 billion complicated it was already constructing in Arizona, an indication of confidence through the broader tech downturn. Different chipmakers have warned in latest months that they’re going through a harder market as inventories construct up and orders are being reduce by information heart in addition to client tech shoppers.
Final month, TSMC reported higher-than-expected gross sales for the third quarter, at the same time as rival Samsung Electronics Co. and US processor and graphics chip maker Superior Micro Units Inc. each fell in need of estimates.
Shares of TSMC have misplaced a few third of their worth this yr, additionally damage by rising investor concern over the dangers posed by a extra aggressive China towards the corporate’s dwelling base of Taiwan.
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