TSM - TSMC Profit Soars. Is Now a Great Time to Buy the Stock?
2024-07-19 08:31:58 ET
Shares of Taiwan Semiconductor Manufacturing (NYSE: TSM) , or TSMC for short, didn't accelerate higher Thursday despite the semiconductor contract manufacturer reporting strong second-quarter results and lifting its guidance. Reports of tougher export restrictions on semiconductors coming from the U.S. government and comments from presidential candidate Donald Trump weighed on the stock.
Let's take a closer look at TSMC's most recent results and whether now is a good time to buy the stock following its recent sell-off.
For its second quarter, TSMC saw its revenue soar nearly 33% year over year to $20.8 billion, while its earnings per American depositary receipt (ADR) came in at $1.48, up from $1.14 a year ago. High-performance computing, which includes chips for artificial intelligence (AI) , represented 52% of its revenue in the quarter and was up 28% quarter over quarter. Smartphone revenue accounted for a third of its sales and declined by 1% sequentially.
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TSMC Profit Soars. Is Now a Great Time to Buy the Stock?