TSMC Cuts Sales, Spending Outlook as Crypto Slowdown Bites
- The forecast comes after reporting a 9% earnings rise
- TSMC’s grappling with a slowdown in smartphones and mining
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Taiwan Semiconductor Manufacturing Co. trimmed its outlook for 2018 revenue and capital spending, reflecting lethargic mobile and digital currency mining demand as it gears up to supply the next batch of Apple Inc.’s iPhones.
Chief Executive Officer C. C. Wei said sales will rise this year by a high single-digit percentage in U.S. dollar terms, down from an already reduced projection of 10 percent. That followed a disappointing third-quarter sales forecast from the world’s largest contract chipmaker. It’s predicting revenue of $8.45 billion to $8.55 billion in the three months ending September, short of the $8.68 billion projected.