TSMC cuts back on investment budget despite revenue surge
Taiwanese chip making behemonth TSMC beat revenue guidance for calendar Q3, as expected, but has cut its investment budget by at least 10 percent in the face of the semiconductor market slowdown.
"Our third quarter business was supported by strong demand for our industry-leading 5nm technologies," explained TSMC VP and chief financial officer Wendell Huang. "Moving into the fourth quarter 2022, we expect our business to be flattish as the end market demand weakens, and customers' ongoing inventory adjustment is balanced by continued ramp-up for our industry-leading 5nm technologies," Huang said.
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