TSMC Q1 Revenue Tops Estimates, AI Revenue 7% of Total
TSMC Q1 revenue beat by $120M, Q2 guidance above consensus. AI chip demand from Nvidia boosts outlook. CapEx guidance unchanged at $28-32B.
Taiwan Semiconductor Manufacturing Co. reported Q1 revenue of $18.87 billion, up 13% from the prior quarter and 13% from a year earlier, beating analyst expectations by roughly $120 million. Gross margin came in at 53.1%. The company guided Q2 revenue in a range of $19.6 billion to $20.4 billion, above the consensus estimate of $19.2 billion. AI-related revenue accounted for about 7% of total sales, with the company's CoWoS packaging capacity doubling to meet demand from Nvidia's Blackwell chip. Capital expenditure guidance for 2024 was held at $28 billion to $32 billion, unchanged from the prior quarter. Shares of TSM rose 2.5% in after-hours trading following the print.
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