This post was originally published on this site
https://i-invdn-com.investing.com/news/LYNXNPEB8506G_M.jpg
Shares of Taiwan Semi (NYSE:TSM) are trading nearly 2% lower in pre-market Monday after the company reported weaker-than-expected sales for March.
TSM said its March revenue was TWD 145.41 billion ($4.77B), down 15.4% year-over-year. On a month-over-month basis, March sales were down 10.9%.
Overall, Q1 sales were reported at TWD 508.63B, rising 3.6% YoY but missing the TWD 525.5B consensus.
Bernstein analysts highlighted the 1Q23 revenue miss but noted the results still “met the low-end of the guide.”
The analysts reiterated an Outperform rating on the TSM stock, which is up 21.1% year-to-date.
