Why Taiwan Semiconductor Stock Popped 5% on Thursday
Taiwan Semiconductor Manufacturing Company (NYSE: TSM), the world's biggest manufacturer of semiconductor chips by revenue, saw its shares surge 4.7% through 10:50 a.m. ET Thursday after beating analyst projections for both sales and earnings.
For Q3 2023, Wall Street analysts had forecast TSMC would earn $1.17 per share on $17.1 billion in sales. In fact, the company earned $1.29 per share on sales of $17.3 billion.
Not all the news was good. Although Taiwan Semiconductor Manufacturing Company beat both sales and earnings estimates, its absolute numbers still declined on both top and bottom lines. Q3 sales fell 11% year over year, and Q3 earnings tumbled 25%.
Source Fool.com
