Taiwan Semiconductor Earnings Edge Estimates For First Quarter

Taiwan Semiconductor Manufacturing Co. (TSM), the world’s largest contract chipmaker, on Thursday narrowly beat Wall Street’s target for its first-quarter earnings. TSM stock rose in early trading.


Taiwan Semiconductor, better known as TSMC, earned 96 cents per U.S. share in the March quarter. Analysts expected TSMC to earn 95 cents a share in the period. In the year-ago quarter, the chip foundry earned 75 cents a share.

Last Friday, TSMC reported better-than-expected first-quarter sales of $12.92 billion, up 25% year over year.

In premarket trading on the stock market today, TSM stock climbed 1%, near 122. TSM stock has been consolidating for the past nine weeks at a buy point of 142.29, according to IBD MarketSmith charts.

After hitting a record high of 142.19 on Feb. 16, TSM stock fell 24% in a tech stock sell-off before beginning to recover.

Recently it has faced resistance at its 50-day moving average line, according to Leaderboard analysis. TSM stock is on IBD’s Leaderboard watchlist.

Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.


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