TSMC saw its monthly revenue top NT$300 billion (approx. US$9.4 billion) for the first time in October 2024, driven by a rise in significant orders from important clients such as Apple.
TSMC reported an October revenue of NT$314.24 billion, up 24.8% monthly and 29.2% annually. Revenue for the first 10 months of 2024 totaled NT$2.34 trillion, up 31.5% year-over-year and exceeding the revenue amount for all of 2023.
Looking ahead to the fourth quarter, TSMC expects sales to be between US$26.1 billion and US$26.9 billion, reflecting an 11.1% to 14.5% quarterly increase. Based on an exchange rate of US$1 to NT$32, this amounts to approximately NT$835.2 billion to NT$860.8 billion, with a gross margin of 57% to 59% and an operating margin of 46.5% to 48.5%.
Based on the company's estimates, TSMC's revenue in November and December will be more conservative compared to October.
TSMC has adjusted its full-year 2024 revenue growth projection in US$, raising it from 24%-26% to about 30%. The utilization rate for TSMC's 5nm and 3nm processes is currently at full capacity.
Industry speculation indicates that TSMC intends to increase pricing for its 5nm and 3nm process technologies, along with CoWoS advanced packaging services, in 2025 due to supply bottlenecks and the necessity to transfer various expenses.
The market forecasts that sustained demand from existing clients like Apple, AMD, MediaTek, and Qualcomm, along with a significant increase in orders from Nvidia and Intel, will propel TSMC's net income to a record high in 2024. TSMC's net profits in the first three quarters of this year were close to NT$800 billion.
Source: TSMC
