The launch of the iPhone 15 did not help processor manufacturer TSMC from posting a profit loss.
In a July 2023 earnings report, analysts said that TSMC’s profits would drop, but believe that it will bounce back when the iPhone 15 launches. CNBC claims that the latest earning figures are higher than expected but still fall short, as the firm still experienced its biggest drop since the first quarter of 2019.
TSMC posted a Q3 profit of $6.69 billion, which is a 10.83% drop year on year. Net income also fell by 24.87%. Apple products make up around 23% of the manufacturer’s annual earnings. TSMC claims that they were ‘supported by the strong ramp of 3-nanometer technology’, but was ‘partially offset by customers’ ongoing inventory adjustment.’
CC Wei, TSMC CEO further added that the firm expects a boost in the fourth quarter, ‘supported by the strong ramp of 3-nanometer technology.’