From Trendforce:
1Q25 Foundry Earnings Reveal Industry Resilience Amid Trump Tariff Uncertainty
TSMC reported stellar consolidated revenue of $25.53B in 1Q25, a 35.3% YoY increase. Advanced nodes (7nm and below) accounted for 73% of total wafer revnue, with 3nm contributing 22% alone. Although seasonal softness in smartphones impacted Q1 results, rising AI-related demand helped offset the effect. Looking ahead, TSMC expects Q2 revenue to range between $24.8B and $29.2B, driven by continued strong demand for 3nm and 5nm technologies. However, the company remains cautious about the risks posed by tariff uncertainty.
Samsung posted record-high quarterly revenue of ₩79.14T, with operating profit at ₩6.7T. The Device Solutions division, which houses its semiconductor business, reported revenue of ₩25.1T and operating profit of ₩1.1T. Although the foundry segment faced headwinds from weaker mobile demand, Samsung secured sub-5nm orders—particularly for 2nm and 4nm nodes in AI and HPC applications—and aims to enter 2nm mass production later this year.
UMC posted 1Q25 revenue of NT$57.86B (~$1.74B), up 5.9% YoY. Notably, the 22/28nm segment accounted for 37% of total revenue, hitting a record high. Revenue from 22nm alone jumped 46% QoQ, driven by applications in OLED driver ICs, image signal processors, digital TVs, WiFi, and audio codecs.
Intel reported Q1 revenue of $12.7B, flat YoY. Foundry revenue declined 13% YoY to $4.7B. The company has lowered its operating expense targets to $17B in 2025 and $16B in 2026, and trimmed capital expenditure guidance to $18B. Intel is now focused on ramping its 18A process, with mass production expected in 2H25 to support the launch of its Panther Lake chips. While macroeconomic uncertainty remains high, Intel emphasized a disciplined approach to investing in its core and foundry businesses.
GlobalFoundries reported Q1 revenue of $1.585B, a 2% YoY increase, exceeding expectations. Growth was driven by demand across automotive, communications infrastructure, data centers, and industrial/consumer IoT markets. Wafer shipments reached 543,000 units (300mm equivalent), up 17% YoY. Looking ahead, Q2 revenue is projected to reach $1.675B with a gross margin of 24.1%.
SMIC delivered 1Q25 revenue of $2.247B, marking a strong 28.4% YoY growth. This was driven by higher wafer volumes and a more optimized product mix. Capacity utilization rose to 89.6%, up 4.1 percentage points from the previous quarter. SMIC noted that although ASP dipped in late Q1 due to production fluctuations, the overall market remained solid, with signs of recovery in automotive and industrial sectors. Internal assessments and supplier/customer feedback indicate the impact of U.S. tariffs on its business is negligible—"less than one percentage point."
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