Update (4:20 p.m. EST): Updated with closing price, day high and low prices, price change and volume information.
NEW YORK (TheStreet) -- Taiwan Semiconductor Manufacturing Company (TSM) rose 3.36% to $18.15, up 59 cents from its previous close of $17.56, at the close of the trading day on Thursday after the company announced that it expects revenue to recover later this year.
The stock had a volume of 21,262,996, more than double its average of 10,126,600. it hit a high of $18.18 and a low of $17.89 for the day.
Taiwan Semi, the world's largest contract chip maker by market share, said it expects revenue to slip further in the first-quarter, before rebound later this year. The company expects new capacity to come online and for smartphones and tablets manufacturers to get more aggressive in replenishing inventories before product releases.
The company plans to post revenue of $4.51 to $4.57 billion (136 billion to 138 billion New Taiwan dollars) for the first-quarter that ends on March 31. Analysts surveyed by Thomson Reuters expect first-quarter revenue of approximately $4.67 billion.
TSMC reported revenue of nearly $4.85 billion in the fourth-quarter of its latest fiscal year.
TheStreet Ratings team rates TAIWAN SEMICONDUCTOR MFG CO as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate TAIWAN SEMICONDUCTOR MFG CO (TSM) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, good cash flow from operations and growth in earnings per share. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."