Apple Supplier TSMC Sees Demand Waning for Phones Above $500
- Co-CEO foresees China, emerging markets countering a downturn
- Contract chipmaker's quarterly sales forecast disappoints
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Taiwan Semiconductor Manufacturing Co., one of the biggest suppliers of chips to Apple Inc., forecast second-quarter revenue well below analysts’ estimates as demand for smartphones priced above $500 peters out.
The world’s largest contract chipmaker, expected by analysts to supply processors for the iPhone 7, predicted China and other emerging markets will drive the popularity of cheaper devices, helping mitigate a global mobile industry downturn.