TSM: The Better-than-expected ER

ShayBoloor
07-17

DELIVERED 😏

• Sales $30.1B vs Est. $30.0B

• EPS $2.47 vs Est. $2.12

• Net Income $13.5B vs Est. $12.1B

• Gross Margins 59% vs. Est. 58%

2025 Q3 Guidance

• Sales $32.4B vs Est. $31.7B

• Operating Margins 47% vs. Est. 47%

FY25 Guidance

• Sales 30% vs Est. 26%

• CapEx $40B vs. Est. $38B

CEO COMMENTARY

• Management reaffirmed long-term GM ≥53%, but flagged 2H margin risk from tariff uncertainty & FX volatility.

• N3 capacity remains tight, with supply-demand gaps narrowing at premium nodes -- N2 & advanced packaging (CoWoS/SoIC) ramping into 2H25.

• $165B U.S./EU fab build-out supports customer diversification, but overseas production will structurally dilute margins.

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TSMC Beats and Leads! Chip Sector Rebound to Pick?
ASML delivered strong Q2 results but management warned that it may not be able to achieve growth in 2026. The stock fell 10%. Taiwan Semiconductor Manufacturing Co. reported a better-than-expected 61% jump in profit for the June quarter, bolstering confidence in the momentum of the global AI spending spree. TSMC expects Q3 revenue of $31.8-33 bln in its earnings call (vs Q3 2024 revenue $23.5 bln). TSM jumps 4% in the overnight trading and leads chip sector to rebound.
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