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TSMC Profits Top Expectations

October 15, 2021

TSMC reported consolidated revenue of NT$414.67 billion, net income of NT$156.26 billion, and diluted earnings per share of NT$6.03 (US$1.08 per ADR unit) for the third quarter ended September 30, 2021.

TSMC's net profit of T$156.3 billion ($5.56 billion) topped the T$149 billion expectation.

Year-over-year, third quarter revenue increased 16.3% while net income and diluted EPS both increased 13.8%. Compared to second quarter 2021, third quarter results represented a 11.4% increase in revenue and a 16.3% increase in net income. All figures were prepared in accordance with TIFRS on a consolidated basis.

In US dollars, third quarter revenue was $14.88 billion, which increased 22.6% year-over-year and increased 12.0% from the previous quarter.

Gross margin for the quarter was 51.3%, operating margin was 41.2%, and net profit margin was 37.7%.

In the third quarter, shipments of 5-nanometer accounted for 18% of total wafer revenue; 7-nanometer accounted for 34%. Advanced technologies, defined as 7-nanometer and more advanced technologies, accounted for 52% of total wafer revenue.

“Our third quarter business was mainly supported by strong demand across all four growth platforms, which are smartphone, HPC, IoT and Automotive-related applications,” said Wendell Huang, VP and Chief Financial Officer of TSMC. “Moving into fourth quarter 2021, we expect our business to be supported by strong demand for our industry-leading 5nm technology.”

Based on the Company’s current business outlook, management expects the overall performance for fourth quarter 2021 to be as follows:

  • Revenue is expected to be between US$15.4 billion and US$15.7 billion;

And, based on the exchange rate assumption of 1 US dollar to 28.0 NT dollars,

  • Gross profit margin is expected to be between 51% and 53%;
  • Operating profit margin is expected to be between 39% and 41%.

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