Currency Headwinds Continue to Impair Taiwan Semiconductor’s Results; Shares Remain Overvalued
Taiwan Semiconductor Manufacturing reported in line results during its seasonally weaker second quarter. In addition to tighter smartphone inventory management, the ongoing unfavorable exchange rate further undercut the firm’s results. Looking ahead, the company will benefit from the ramp of its 10-nanometer process in support of Apple’s latest iPhone. While these leading-edge products will garner better average selling prices and in turn revenue growth, it will also hamper gross margins due to ...Taiwan Semiconductor Manufacturing is a foundry in the semiconductor industry which engages mainly in the manufacturing, selling, packaging, testing and computer-aided design of integrated circuits and other semiconductor devices and the manufacturing of masks. Co. also engages in the researching, developing, designing, manufacturing and selling of solid state lighting devices and related applications products and systems, and renewable energy and efficiency related technologies and products. Co.'s products include logic semiconductors, mixed-signal/radio frequency semiconductors, CMOS image sensor semiconductors and high voltage semiconductors.
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