TSMC Q2 Net Profit NT$247.85B, Up 36.3%

On July 18th, TSMC announced its financial results for the second quarter ending June 30, 2024. The company reported NT$673.51 billion in revenue, with a net profit of NT$247.85 billion and diluted earnings per share of NT$9.56.

Compared to the same period last year, TSMC saw a significant 40.1% increase in revenue, alongside a 36.3% growth in net profit and diluted earnings per share. Sequentially, compared to Q1 2024, revenue grew by 13.6%, with net profit up by 9.9%.

In US dollars, second-quarter revenue amounted to $208.2 billion, reflecting a 32.8% year-over-year increase and a 10.3% increase from the previous quarter. TSMC reported a gross margin of 53.2%, an operating margin of 42.5%, and a net profit margin of 36.8% for Q2.

Regarding shipment volumes, TSMC disclosed that 3nm technology contributed 15% to total wafer revenue, 5nm contributed 35%, and 7nm contributed 17%. Advanced technologies (7nm and beyond) accounted for 67% of total wafer revenue.

During its April earnings call, TSMC projected second-quarter revenue in USD to range between $19.6 billion and $20.4 billion, translating to approximately NT$6,330 billion to NT$6,589.2 billion at an exchange rate of 1:32.3. The company expected a gross margin of 51% to 53% and an operating margin of 40% to 42% for Q2, maintaining stability compared to Q1.

TSMC's second-quarter revenue of NT$6,735.1 billion exceeded analysts' expectations, marking a 13.6% increase from the previous quarter and a 40.1% increase year-over-year. According to LSEG SmartEstimate, based on forecasts from 20 analysts, TSMC achieved a net profit of NT$2,361 billion (US$72.5 billion) for the quarter ending June 30, 2024.