Taiwan Semiconductor Manufacturing Company (TSMC) forecast revenue in 2022 to increase 30 per cent, as chairman Mark Liu insisted rising inflation has not impacted chip production, Bloomberg reported.
Liu explained during its annual shareholders’ meeting that weak demand from the smartphone and PC sectors is more than offset by strong demand from the electric vehicle industry, which forced it to adjust inventories to boost capacity, Bloomberg wrote.
The growth target is up from a 24.1 per cent increase in 2021 to US$56.8 billion.
Liu confirmed a previous Q2 revenue guidance of $17.6 billion to $18.2 billion. It booked revenue of $12.6 billion during the same period a year earlier.
He noted the company has no plans to build a chip factory in Europe.
In its Q4 earnings call in April, CEO C.C. Wei said the company expected to outperform the industry with mid- to high- 20 per cent growth in US dollar terms.
Revenue in the opening quarter of 2022 grew 35.5 per cent year-on-year to TWD491.1 billion ($17 billion), surpassing a forecast of 29 per cent to 33 per cent.
The contract chipmaker is a major supplier for tech companies such as Apple, Nvidia and AMD.Subscribe to our daily newsletter Back