Taiwan Semiconductor Manufacturing Co Ltd will report its third-quarter 2023 financial results after the market closes on October 19, with analysts forecasting a 35% year-over-year decline in earnings per share (EPS) to $1.16, according to Zacks Investment Research.
Ongoing weakness in end-market demand and higher utility expenses in Taiwan is expected to weigh on the world’s largest chipmaker’s results.
The company, meanwhile, is expected to generate revenue of $16.64 billion for the period, an 18% drop from last year.
During 2Q, Taiwan Semiconductor reported better-than-expected top and bottom-line results even as its profit plunged as demand for consumer electronics continued to slump.
“Moving into third quarter 2023, we expect our business to be supported by the strong ramp of our 3-nanometer technologies, partially offset by customers’ continued inventory adjustment,” Taiwan Semiconductor chief financial officer Wendell Huang said at the time.
NYSE-listed shares of Taiwan Semiconductor edged $0.19 lower to close at $91 on Tuesday but have gained 23% year to date.
Contact Sean at sean@proactiveinvestors.com