Taiwan Semiconductor Manufacturing Co. (TSMC), a leading producer of microchips, has decreased its annual revenue and capital expenditure estimates following growth rate reduction in the smartphone and cryptocurrency mining fields, Business Times reported July 19. TSMC produces chips for tech giants like Nvidia Corp., Apple (NASDAQ:) Inc., and Qualcomm (NASDAQ:) Inc.
TSMC cut its revenue growth forecast for 2018 to “a high single digit percent” from ten percent, and lowered its expected capital expenses volume to $10-10.5 billion from $11.5-12 billion. According to analysts, the company could face slowing demand for high-end chips used in crypto mining, as miners choose lower-powered chips due to price volatility and stricter regulations in the industry.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.