TSMC shares fall more than 3% after it cuts revenue outlook

TAIPEI: 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.

In early trade, Taiwan Semiconductor Manufacturing Co Ltd’s shares underperformed a 1.65% fall in the broader index.