Taiwan Semiconductor Braces for Downturn Despite Record Profit

Taiwan Semiconductor Manufacturing


has reported a record net profit and beat analysts’ expectations for its fourth quarter but warned of waning demand in 2023. 

Taiwan Semiconductor


(ticker: TSM), the world’s largest contract chip maker and a main rival to


Intel


(INTC) and


Samsung Electronics


(KRX), said net profit for the quarter was 295.90 billion Taiwanese dollars ($9.72 billion), up 78% from the prior year. Analysts had expected profit of 288.08 billion Taiwanese dollars according to a poll of analysts by S&P Global Market Intelligence.