News & Analysis

TSMC posts better-than-expected results – the stock rises

19 January 2024 By Klavs Valters


World’s second largest semiconductor company, Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE: TSM), reported the latest results for Q4 of 2023 before the opening bell in Wall Street on Thursday.

TSMC achieved revenue of $19.785 billion in Q4 2023 vs. $19.675 billion expected. Revenue rose by 14.4% from Q3.

Earnings per share was reported at $1.456 per share, which exceeded estimate of $1.385 per share.

Company overview

  • Founded: 1987
  • Headquarters: Hsinchu Science Park, Taiwan
  • Number of employees: 73,090 (2022)
  • Industry: Semiconductor
  • Key people: Mark Liu (Chairman), C.C. Wei (CEO and vice-chairman), Wendell Huang (VP and CFO)

CEO commentary

“Our fourth quarter business was supported by the continued strong ramp of our industry-leading 3-nanometer technology. Moving into first quarter 2024, we expect our business to be impacted by smartphone seasonality, partially offset by continued HPC-related demand,” Wendell Huang, CFO of the company said in statement to investors.

Stock reaction

The stock rose by over 7% during Thursday’s session after the company posted the latest results, trading at $110.32 a share.

Stock performance

  • 5 day: +9.03%
  • 1 month: +7.62%
  • 3 months: +18.78%
  • Year-to-date: +6.12%
  • 1 year: +24.84%

Taiwan Semiconductor Manufacturing stock price targets

  • TD Cowen: $95
  • Barclays: $105
  • Needham & Company LLC: $115
  • Susquehanna: $130

Taiwan Semiconductor Manufacturing Co. Ltd. is the 11th largest company in the world with a market cap of $570.66 billion.

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Sources: Taiwan Semiconductor Manufacturing Co. Ltd., TradingView, MarketWatch, MarketBeat, CompaniesMarketCap

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