NEW YORK (TheStreet) -- Taiwan Semiconductor (TSM) shares are up 1.7% to $23.22 in afternoon trading on Wednesday after the company reported a 15.4% year over year increase in May sales to NT$70.16 billion (US$2.26 billion).
The total was the lowest the company has reported since February when it reported NT$62.65 billion in revenue.
Despite the year over year gains, the company experienced a 7% month to month decline in sales.
At its annual general meeting yesterday, the company said that it expects revenue growth to slow this year to 14% from last year's pace of 28% growth, according to Reuters.
The world's largest chipmaker's revenue was helped in 2014 by its contract to supply Apple (AAPL) iPhone microchips. However, the company is expected to lose some of that business to Samsung Electronics (SSNLF) this 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 robust revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, solid stock price performance and impressive record of earnings per share growth. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."