TSMC, the leading wafer foundry, announced its financial report for February 2023 on the 10th. The revenue amount was approximately NT$163.174 billion, a decrease of 18.4% from January and an increase of 11.1% from the same period in 2022. It was the lowest revenue in the past year. . Cumulatively, the revenue in the first two months of 2023 will be approximately NT$363.225 billion, an increase of 13.8% over the same period in 2022.
According to the forecast at TSMC’s previous law conference, TSMC’s outlook for the first quarter of 2023 is that the consolidated revenue is expected to be between US$16.7 billion and US$17.5 billion. Calculated at the exchange rate of NT$30.7 to US$1, the revenue amount is approximately US$512.69 billion to US$1. 537.25 billion yuan, down 14.1%~18% from the fourth quarter of 2022. Gross profit margin ranges from 53.5% to 55.5%, and operating margin ranges from 41.5% to 43.5%. Therefore, based on the revenue of 363.225 billion yuan in the first two months of the first quarter, the revenue in March must exceed 149.5 billion yuan to achieve the financial forecast.
TSMC also pointed out at the law conference a few days ago that entering 2023, it has observed that the consumer terminal market is weak, and terminal markets such as data centers have also begun to weaken. As customers and the supply chain continue to take response measures, semiconductor supply chain inventories are expected to be significantly reduced in the first half of 2023 to balance to healthier levels. In US dollar terms, TSMC’s revenue in the first half of 2023 is expected to decline by a mid-to-high single digit percentage compared to the same period in 2022.
In addition, observing some signs of stabilization in demand, it is expected that the semiconductor cycle will bottom out in the first half of the year and pick up steadily in the second half of the year. In terms of US dollars, TSMC’s revenue in the second half of the year is expected to grow compared with the same period in 2022. It is expected that the overall semiconductor market (excluding memory) will decrease by about 4% annually in 2023, and the wafer manufacturing industry will decrease by 3%. For TSMC, based on strong technology leadership and differentiation, it will continue to expand customer product portfolios and expand potential markets. In terms of US dollars, TSMC will grow slightly in 2023.