TSMC July 2023 Revenue Report

[Daniel Nenni]

HSINCHU, Taiwan, R.O.C. – Aug. 10, 2023 - TSMC (TWSE: 2330, NYSE: TSM) today announced its net revenue for July 2023: On a consolidated basis, revenue for July 2023 was approximately NT$177.62 billion, an increase of 13.6 percent from June 2023 and a decrease of 4.9 percent from July 2022. Revenue for January through July 2023 totaled NT$1,167.09 billion, a decrease of 3.7 percent compared to the same period in 2022.

TSMC Spokesperson​

Wendell Huang
Vice President & Chief Financial Officer
Tel:886-3-5055901

TSMC Deputy Spokesperson​

Nina Kao
Public Relations Division
Tel:886-3-5636688 Ext.7125036

https://pr.tsmc.com/english/news/3055

 

[Daniel Nenni]

My guess would be that TSMC will have flat or slightly positive revenue for 2023 and will be back to double digit growth in 2024, absolutely.

• TSMC's net revenue in July grew 13.6% month-over-month to about NT$177.62B. However, year-over-year net revenue fell 4.9%. The chip giant had generated about NT186.76B in net revenue in July 2022. Revenue for January through July (year-to-date) 2023 dipped 3.7% year-over-year to NT$1.167T.

 

[hist78]

My guess would be that TSMC will have flat or slightly positive revenue for 2023 and will be back to double digit growth in 2024, absolutely.

From TSMC Q2 2023 Earnings call:

"Thus while we maintain our forecast for the 2023 semiconductor market excluding memory to decline mid-single digit year-over-year, we nowexpect the foundry industry to decline mid-teens and our full year 2023 revenue to decline around 10% in U.S. dollar term. With such inventorycontrol, we also forecast the fabless semiconductor inventory to exit 4Q '23 at a healthier and lower level as compared to our expectation 3 monthsago."

https://investor.tsmc.com/english/encrypt/files/encrypt_file/reports/2023-07/7ec677062ca442e429b632ccd6d4f31ad53b1ce7/TSMC%202Q23%20Transcript.pdf

 

[Daniel Nenni]

From TSMC Q2 2023 Earnings call:

"Thus while we maintain our forecast for the 2023 semiconductor market excluding memory to decline mid-single digit year-over-year, we nowexpect the foundry industry to decline mid-teens and our full year 2023 revenue to decline around 10% in U.S. dollar term. With such inventorycontrol, we also forecast the fabless semiconductor inventory to exit 4Q '23 at a healthier and lower level as compared to our expectation 3 monthsago."

https://investor.tsmc.com/english/encrypt/files/encrypt_file/reports/2023-07/7ec677062ca442e429b632ccd6d4f31ad53b1ce7/TSMC%202Q23%20Transcript.pdf

That is why I said guess. I certainly would not bet on it. If they are at -3.7% now, Q3 and Q4 are going to be really bad?

 

[hist78]

That is why I said guess. I certainly would not bet on it. If they are at -3.7% now, Q3 and Q4 are going to be really bad?

TSMC revenue is down "only" -3.7% in Taiwanese dollar term. Like you said, it needs to be really bad for the second half of 2023 to force the TSMC 2023 whole year revenue to drop 10% in US dollar term. It may happen but it seems less likely considering the market condition for the second half of 2023.

 

[Daniel Nenni]

I'm also guessing that Nvidia will beat the market in their next earnings call and may even cite a shortage of chips. TSMC mentioned that CoWos capacity was tight.

China's internet giants order $5 billion of Nvidia chips to power AI ambitions -FT

(Reuters) -China's internet giants are rushing to acquire high-performance Nvidia chips vital for building generative artificial intelligence systems, making orders worth $5 billion, the Financial Times reported on Wednesday. Baidu, TikTok-owner ByteDance, Tencent and Alibaba have made orders...

finance.yahoo.com

 

[Barnsley]

These numbers are considerably higher than 2021.
What are folk sweating about?