TSMC shares fall 3.3% after it cuts revenue outlook, delays production

Shares of Taiwan’s TSMC slumped more than 3% on Friday after the world’s largest contract chipmaker flagged a 10% drop in 2023 sales and said production due to start next year at its first plant in Arizona would be delayed.

On Thursday, TSMC reported a 23.3% fall in second-quarter net profit – its first on-year drop in quarterly profit since the second quarter of 2019 – as global economic woes take a toll on demand for chips used in everything from cars to cellphones.