Revenues of the electronic chip industry giant TSMC declined by 10% in the second quarter of 2023 on an annual basis, to record $ 15.68 billion, but it came within the company’s expectations, which ranged between $ 15.2 and $ 16 billion.
The Taiwanese company said the business was affected by macroeconomic headwinds, which reduced demand in the markets and prompted customers to adjust their inventory.
Net income in the same period decreased by 23.3% year-on-year to $5.85 billion, which is the company’s first quarterly decline in net income since the second quarter of 2019.
The electronic chip market as a whole witnessed a decline in consumer electronics demand after the Corona pandemic, and TSMC is the main supplier of chips for Apple devices.
During the Covid pandemic, global demand for portable electronic devices and smartphones increased, prompting makers of these devices to stockpile chips, and with demand declining due to high inflation, companies are struggling with excess stocks of chips, which has led to lower chip prices.
