1 Top Artificial Intelligence (AI) Stock to Buy Following TSMC's Latest Quarterly Report
Taiwan Semiconductor Manufacturing, popularly known as TSMC, is the world's largest semiconductor foundry with an estimated market share of almost 62%, leading the pack by a big margin as second-place Samsung controls just 11% of this market. That's why TSMC's latest earnings report for the second quarter of 2024, which was released on July 18, gives us a healthy insight into the state of the semiconductor market.
TSMC's revenue increased 33% year over year to $20.8 billion, while earnings per share jumped nearly 30% from the same period last year. The numbers were better than consensus estimates as analysts would have settled for $1.41 per share in earnings on revenue of $20.3 billion. More importantly, TSMC's revenue forecast of $22.8 billion for the current quarter points toward stronger year-over-year growth of 32%.
The Taiwanese giant has also raised the lower end of its 2024 capital expenditure forecast. It was earlier forecasting capital expenses to land between $28 billion and $32 billion this year. It has upgraded that range to $30 billion to $32 billion, indicating that it now intends to spend an additional $1 billion in capital expenditures this year.
Source Fool.com
Taiwan Semiconductor Manufacturing Co. Ltd. ADR Stock
The stock is one of the favorites of our community with 25 Buy predictions and 1 Sell predictions.
With a target price of 173 € there is a slightly positive potential of 10.9% for Taiwan Semiconductor Manufacturing Co. Ltd. ADR compared to the current price of 156.0 €.
