Currency Headwinds and Inventory Buildups Undercut TSMC’s 1Q Results and 2Q Guidance
Taiwan Semiconductor Manufacturing reported muted first-quarter results due to a combination of depreciation of new Taiwanese dollars against U.S. dollars and seasonal weakness in mobile products. After stellar top-line growth in 2016, we anticipate 2017 will be more challenging from both growth and profitability perspectives. This appears to be playing out so far, though we do forecast the second half of 2017 to be stronger than the first as TSMC’s 10-nanometer products ramp in support of Apple...
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