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TSMC Reports Fourth Quarter Revenue of $19.9B, Up 27% YoY

HSINCHU, Taiwan, R.O.C., Jan. 12, 2023 — TSMC (TWSE: 2330, NYSE: TSM) today announced consolidated revenue of NT$625.53 billion, net income of NT$295.90 billion, and diluted earnings per share of NT$11.41 (US$1.82 per ADR unit) for the fourth quarter ended December 31, 2022.

Year-over-year, fourth quarter revenue increased 42.8 percent while net income and diluted EPS both increased 78.0 percent. Compared to third quarter 2022, fourth quarter results represented a 2.0 percent increase in revenue and a 5.4 percent increase in net income. All figures were prepared in accordance with TIFRS on a consolidated basis.

In US dollars, fourth quarter revenue was $19.93 billion, which increased 26.7 percent year-over-year but decreased 1.5 percent from the previous quarter. Gross margin for the quarter was 62.2 percent, operating margin was 52.0 percent, and net profit margin was 47.3 percent.

In the fourth quarter, shipments of 5-nanometer accounted for 32 percent of total wafer revenue; 7-nanometer accounted for 22 percent. Advanced technologies, defined as 7-nanometer and more advanced technologies, accounted for 54 percent of total wafer revenue.

“Our fourth quarter business was dampened by end market demand softness, and customers’ inventory adjustment, despite the continued ramp-up for our industry-leading 5nm technologies,” said Wendell Huang, VP and Chief Financial Officer of TSMC. “Moving into first quarter 2023, as overall macroeconomic conditions remain weak, we expect our business to be further impacted by continued end market demand softness, and customers’ further inventory adjustment.”

Based on the company’s current business outlook, management expects the overall performance for first quarter 2023 to be as follows:
• Revenue is expected to be between US$16.7 billion and US$17.5 billion; and, based on the exchange rate assumption of 1 US dollar to 30.7 NT dollars,
• Gross profit margin is expected to be between 53.5 percent and 55.5 percent
• Operating profit margin is expected to be between 41.5 percent and 43.5 percent.

The management further expects the 2023 capital budget to be between US$32 billion and US$36 billion.

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