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Taiwan Semiconductor Manufacturing Co. 2Q Earnings Down 7.6%, Hurt by Higher Expenses

By Saurabh Chaturvedi

Taiwan Semiconductor Manufacturing Co. Ltd. (2330.TW) said Thursday that net profit for the second quarter fell 7.6% from a year ago, hurt partly by higher expenses.

Net profit for the quarter ended June was 66.77 billion New Taiwan dollars (US$2.15 billion) from NT$72.29 billion, TSMC said on its website. The company supplies chips to technology companies including Apple Inc. and Qualcomm Inc.

Revenue for the period was up 3.3% on year at NT$241 billion. In U.S. dollar terms, TSMC said revenue fell 1.4% from a year earlier to US$7.75 billion. In April, the company provided U.S. dollar revenue guidance of US$7.55 billion to US$7.65 billion for the second quarter, assuming a conversion rate of NT$30.85 per U.S. dollar.

The company said its total operating expenses in the quarter rose to NT$27.17 billion from NT$26.44 billion.

 

Write to Saurabh Chaturvedi at saurabh.chaturvedi@wsj.com

 

(END) Dow Jones Newswires

July 18, 2019 03:00 ET (07:00 GMT)

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