(TSMC) Taiwan Semiconductor Manufacturing Co. reported a net income of NT$202,733 billion or $7 billion in the first quarter of 2022, an increase of 45.1% from the prior year.
TSMC attributed the jump in first-quarter earnings to solid demand for chips. The net income was also higher than NT$166,232 billion reported in the fourth quarter of 2021.
Net sales in the first quarter of 2022 rose by 35.5% to a record NT$491,076 billion and were higher by 12.1% in the fourth quarter of 2021.
The gross margin in the first quarter was 55.6%, while the operating margin was 45.6%.
TSMC now projects revenue of between US$17.6 billion and US$18.2 billion in the second quarter of 2022. The gross margin is expected to range between 56% and 58% while operating profit margin is expected at between 45% and 47%.
TSMC reiterated the $40 billion to $44 billion capex for the year to keep the company at the forefront of the evolving tech sector.
TSM: NYSE is up +1.36% in premarket.
