Taiwan Semiconductor Mfg. Co. (NYSE: TSM) announced Q3 results today with revenues of $20.23 billion, up 35.9% year-over-year, beating Street estimates of $19.1 billion. Diluted earnings for the chip major came in at $1.79 per ADR unit in the third quarter, surpassing analysts’ estimates of $1.65 per ADR unit.
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Wendell Huang, VP and Chief Financial Officer of TSMC stated, “Our third quarter business was supported by strong demand for our industry-leading 5nm technologies.”
Huang added, “Moving into fourth quarter 2022, we expect our business to be flattish, as the end market demand weakens, and customers’ ongoing inventory adjustment is balanced by continued ramp-up for our industry-leading 5nm technologies.”
In Q4, TSM anticipates revenues to range between $19.9 billion and $20.7 billion while the operating margin is expected to range from 49% to 51%.
Is TSM Buy or Sell?
Wall Street analysts continue to be bullish about TSM with a Strong Buy consensus rating based on four Buys and one Hold.
The average price forecast for TSM stock is $266.50 implying an upside potential of 315.7% at current levels.
