Taiwan Semiconductor Mfg. Co. (TSM) - Get Report , the world's biggest contract chipmaker and a lead supplier for Apple Inc. (AAPL) - Get Report iPhones, posted tepid fourth quarter earnings Thursday but cautioned that near-term sales would slide the most in 10 years as global smartphone markets continue to slow. reported TheStreet's Martin Baccardax.
"Moving into first quarter 2019, we anticipate our business will be dampened by the overall weakening of the macroeconomic outlook, mobile product seasonality, and high levels of inventory in the semiconductor supply chain," said CFO Lora Ho, with chairman Mark Liu telling reporters that drop in high-end smartphone demand "came a little bit sudden", adding that the inventory in the supply chain is quite a lot."
Real Money's Kevin Curran will be reporting on the company throughout the day. Here are some other articles from Real Money:
- Taiwan Semiconductor Slides as Smartphone Slowdown Spreads Pain to Semis
- Taiwan Semiconductor Was Down a Lot Even Before Bearish Guidance: What's Next?
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