TSMC's Less-Than-Stellar Guidance Sends Shares Lower Toward Our Unchanged $32 FVE
Taiwan Semiconductor Manufacturing reported in-line first-quarter results and provided second-quarter guidance that fell below market expectations. Management also lowered its 2018 revenue growth assumptions to 10% from a range of 10% to 15%, in U.S. dollar terms. Weaker smartphone demand and uncertainty concerning cryptocurrency mining were the two culprits for the downward revision, both consistent with our outlook for TSMC. We surmise that much of the smartphone weakness can be attributed t...
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