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TSMC's Q1 Revenue Rise Beats Market Expectations on AI Boom

FILE PHOTO: A logo of Taiwanse chip giant TSMC can be seen in Tainan, Taiwan December 29, 2022.REUTERS/Ann Wang/File Photo
FILE PHOTO: A logo of Taiwanse chip giant TSMC can be seen in Tainan, Taiwan December 29, 2022.REUTERS/Ann Wang/File Photo
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TSMC's Q1 Revenue Rise Beats Market Expectations on AI Boom

FILE PHOTO: A logo of Taiwanse chip giant TSMC can be seen in Tainan, Taiwan December 29, 2022.REUTERS/Ann Wang/File Photo
FILE PHOTO: A logo of Taiwanse chip giant TSMC can be seen in Tainan, Taiwan December 29, 2022.REUTERS/Ann Wang/File Photo

Taiwan chipmaker TSMC reported a 16.5% rise in first-quarter revenue on Wednesday, beating market expectations and at the high end of the company's own guidance as its sales boom on demand for artificial intelligence applications.
The world's largest contract chipmaker, whose customers include Apple and Nvidia, has benefited from a surge towards AI that has helped it weather the tapering off of pandemic-led demand and pushed TSMC's stock to a record high, Reuters reported.
Revenue in the first three months of this year came in at T$592.64 billion ($18.54 billion), up from $16.72 billion in the year-ago period.
That was towards the higher end of Taiwan Semiconductor Manufacturing Co's (TSMC) previous prediction for first-quarter revenue to range between $18 billion and $18.8 billion.
The result beat an LSEG SmartEstimate of T$581.45 billion drawn from 23 analysts, weighted toward those who are more consistently accurate.
The first half of the year is traditionally quieter for Taiwanese tech firms, coming after the end-of-year holiday rush for goods like tablets and smartphones in major Western markets, but the AI trend is boosting demand even in the off season.
For March alone, TSMC reported revenue rose 34.3% year-on-year to T$195.21 billion and was up 7.5% from the previous month.
TSMC, Asia's most valuable publicly listed company with a market capitalization of $662 billion, did not provide any details or forward guidance in its brief revenue statement.
It is scheduled to report first quarter earnings on April 18, where it will also update its outlook for the current quarter and the year.
TSMC is expected to report a 4% rise in first quarter net profit, according to an LSEG SmartEstimate.
TSMC's Taipei-listed shares closed down 0.5% on Wednesday ahead of the release of the sales data. The broader market ended down 0.2%.
The chipmaker's shares have surged 37% so far this year, compared with a 16% gain for the broader market.

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Saudi's flynas Strikes Deal for Additional Airbus A320neos, 15 A330s

Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
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Saudi's flynas Strikes Deal for Additional Airbus A320neos, 15 A330s

Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)

flynas, Saudi Arabia’s leading low-cost carrier, has signed a Memorandum of Understanding (MoU) with Airbus for 75 A320neo family aircraft and 15 A330-900. This strategic agreement will expand the airline's capacity, range and enhance its overall fleet capabilities.
Signed during Farnborough International Airshow in the presence of President of the General Authority of Civil Aviation (GACA) of Saudi Arabia, Abdulaziz bin Abdullah Al-Duailej, Chairman of the Board of NAS Holding Ayed Al Jeaid, flynas Chief Executive Officer & Managing Director Bandar Almohanna, and Airbus Chief Executive Officer, Commercial Aircraft, Christian Scherer, Airbus said on its website.
The new aircraft will join the carrier’s all Airbus fleet serving international, domestic and regional routes. The new A330-900 aircraft will boast a two-class configuration, accommodating up to 400 passengers.
"We are excited to further strengthen our long-standing partnership with Airbus," said Bander Almohanna, CEO and Managing Director of flynas. "The A320neo Family provides exceptional operational performance and environmental benefits, allowing us to offer unique, low-cost travel experiences. Additionally, the A330neowill enhance our long-haul capabilities with its advanced technology and efficiency while supporting our growth plans and Saudi Arabia’s pilgrim program."
Airbus Chief Executive Officer, Commercial Aircraft, Christian Scherer said, "We are delighted to expand our partnership with flynas through this significant milestone for both A320neo and A330-900 aircraft. The A330neo will allow flynas to further grow into widebody markets by building on the A320, benefiting from Airbus’ unique commonality. Both aircraft types offer flynas the perfect versatility and economics to expand into new markets while offering their passengers the latest cabin experience and comfort. We look forward to continuing our successful collaboration with flynas as they embark on this exciting new chapter."
The addition of the A330-900 aircraft will support flynas' ambitious growth plans. The airline anticipates significant operational efficiency gains by combining the new widebody aircraft with its existing A320neo fleet. The A330-900 offers increased capacity and range at unrivaled seat costs, ensuring flynas can compete effectively in the growing regional market, a key focus area for the airline.
The A330neo delivers unbeatable operating economics, powered by the latest-generation Rolls-Royce Trent 7000 engines, featuring new wings and a range of aerodynamic innovations resulting in a 25 percent reduction in fuel consumption and CO₂ emissions compared to previous generation competitor aircraft. The A330neo is capable of flying 8,150 nm / 15,094 km non-stop, providing ultimate comfort with more passenger space, a new lighting system, latest in-flight entertainment systems and full connectivity throughout the cabin.
As with all Airbus aircraft, the A330 family is already able to operate with up to 50% Sustainable Aviation Fuel (SAF). The manufacturer is targeting to have its aircraft up to 100% SAF capable by 2030.