Taiwan Semiconductor Manufacturing (TSM), the world’s largest chip foundry, on Thursday beat analyst estimates for the fourth quarter. TSM stock is surging (+5.86) higher in early trading.
The company said it expects first quarter revenue of $16.60 billion to $17.20 billion. The current consensus revenue estimate is $15.92 billion for the quarter ending March 31, 2022. – EarningsWhispers.com
Taiwan Semiconductor Manufacturing
TSM stock pressed 4.5%, near 138.18 in early trading, tracing out a cup-with-handle base with a buy point of 135.60, according to IBD MarketSmith and IBD charts. A weekly MarketSmith chart shows a secondary buy point of 142.29. – Investors Business Daily
Click images to enlarge.
“Our fourth-quarter business was supported by strong demand for our industry-leading 5-nanometer technology,” Chief Financial Officer Wendell Huang said in a news release. “Moving into first quarter 2022, we expect our business to be supported by HPC (high-performance computing) related demand, continued recovery in the automotive segment, and a milder smartphone seasonality than in recent years.”
TSM’s results suggest the chip cycle might be “stronger for longer,” highlighted in a note to clients from Charles Shi an analyst at Needham analyst. Mr. Shi raised his price target on TSM stock to 152 from 138 and reiterated his buy rating.
We will most likely focus on the many of the stocks in the semiconductor group, in addition to those stocks below that are also higher on the Taiwan Semiconductor earnings report. Click images to enlarge.
For more on Taiwan Semiconductor link here.
Join us today in the trading room for our LIVE broadcast during market hours, as we navigate the current environment. Watch, listen, and trade from 9:20 AM to 4:15 PM Monday through Friday.
Considering joining us as a member? Check details here