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TSMC’s first quarter revenue increased 14.9% YoY while net income and diluted EPS both increased 35.3%. Compared to fourth quarter 2016, first quarter results represent a 10.8% decrease in revenue, and a 12.5% decrease in net income. However, TSMC still remained its forecast of 2017 which is to have 5% to 10% growth this year.
“Due to a stronger than expected appreciation of the NT dollar against the US dollar during the first quarter (31.16:1 actual vs. 32:1 expected), relative to our January 12th guidance for 1Q, our first quarter revenue was reduced by approximately NT$6 billion while our gross margin and operating margin was reduced by about 100 basis points,” said Lora Ho, SVP and Chief Financial Officer of TSMC.
As for the second quarter forecast, TSMC estimates its revenue of the second quarter will decrease about 8% to 9% QoQ. But the TSMC expected it will have strong growth in the third quarter, and its market share is expected to continue to expand.
“Moving into second quarter, we forecast the demand will be weaker than the prior quarter due to supply chain inventory management during the second quarter and mobile product seasonality.” said Lora Ho.
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