(CTN News) – Taiwan’s chipmaking giant TSMC announced Thursday that as a result of a number of factors, its net profits in the fourth quarter of 2023 dropped by nearly 20 percent. This was as a result of an expected drop in the semiconductor industry.
It has been estimated that Taiwan’s TSMC Semiconductor Manufacturing Company, whose clients include Apple and NVIDIA, controls more than half wafer production. This is used in everything from smartphones to cars to missiles.
The company said on Thursday that its net profit in October-December declined 19.3 percent on the year to Tw$238.7 billion ($7.6 billion), a decrease of 19.3 percent on the year.
Based on the company’s report, the company’s revenues were essentially flat as compared to last year in terms of revenue growth.
The chip TSMC industry has seen a sluggish performance in recent years, which companies attribute to high inflation and a slowing global economy caused in part by geopolitical tensions, which has contributed to the weak performance.
The Taiwan Semiconductor Manufacturing Co. (TSMC) is a company that produces some of the world’s tiniest, most advanced microchips, and in the past it has relied on the growing demand for AI-related products that require silicon wafers that are high in performance in order to function.
Is TSMC owned by China?