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TSMC posts better-than-expected results – the stock rises

19 January 2024 By Klavs Valters

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World’s second largest semiconductor company, Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE: TSM), reported the latest results for Q4 of 2023 before the opening bell in Wall Street on Thursday.

TSMC achieved revenue of $19.785 billion in Q4 2023 vs. $19.675 billion expected. Revenue rose by 14.4% from Q3.

Earnings per share was reported at $1.456 per share, which exceeded estimate of $1.385 per share.

Company overview

  • Founded: 1987
  • Headquarters: Hsinchu Science Park, Taiwan
  • Number of employees: 73,090 (2022)
  • Industry: Semiconductor
  • Key people: Mark Liu (Chairman), C.C. Wei (CEO and vice-chairman), Wendell Huang (VP and CFO)

CEO commentary

“Our fourth quarter business was supported by the continued strong ramp of our industry-leading 3-nanometer technology. Moving into first quarter 2024, we expect our business to be impacted by smartphone seasonality, partially offset by continued HPC-related demand,” Wendell Huang, CFO of the company said in statement to investors.

Stock reaction

The stock rose by over 7% during Thursday’s session after the company posted the latest results, trading at $110.32 a share.

Stock performance

  • 5 day: +9.03%
  • 1 month: +7.62%
  • 3 months: +18.78%
  • Year-to-date: +6.12%
  • 1 year: +24.84%

Taiwan Semiconductor Manufacturing stock price targets

  • TD Cowen: $95
  • Barclays: $105
  • Needham & Company LLC: $115
  • Susquehanna: $130

Taiwan Semiconductor Manufacturing Co. Ltd. is the 11th largest company in the world with a market cap of $570.66 billion.

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Sources: Taiwan Semiconductor Manufacturing Co. Ltd., TradingView, MarketWatch, MarketBeat, CompaniesMarketCap

Disclaimer: Articles are from GO Markets analysts and contributors and are based on their independent analysis or personal experiences. Views, opinions or trading styles expressed are their own, and should not be taken as either representative of or shared by GO Markets. Advice, if any, is of a ‘general’ nature and not based on your personal objectives, financial situation or needs. Consider how appropriate the advice, if any, is to your objectives, financial situation and needs, before acting on the advice. If the advice relates to acquiring a particular financial product, you should obtain and consider the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for that product before making any decisions.

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