Chip giant Taiwan Semiconductor Mfg. Co (NYSE: TSM) was on an upswing in pre-market trading on Thursday after the company announced its fiscal Q1 results with earnings of $1.31 per ADS, beating consensus estimates of $1.21 per ADS.
The company generated revenues of $16.72 billion, a decline of 4.8% year-over-year, and missed the consensus estimates of $17 billion.
Looking forward, the management expects its second-quarter revenues to continue to decline between $15.2 billion and $16.0 billion while the operating profit margin is expected to be in the range of 39.5% to 41.5%.
Analysts remain bullish about TSM stock with a Strong Buy consensus rating based on a unanimous four Buys.
