Apple chip maker TSMC’s sales outlook disappoints as global smartphone, cryptocurrency mining demand stalls

Taiwan Semiconductor Manufacturing Co, the world's largest contract maker of chips, is grappling with a global smartphone market that is seeing little growth, while also feeling the impact of volatility in digital currencies that is hurting demand for integrated circuits used on cryptocurrency mining gear. Photo: Bloomberg

Taiwan Semiconductor Manufacturing Co (TSMC) forecast revenue sharply below analysts’ estimates, as the sole supplier of Apple’s iPhone processors grapples with a stalling global smartphone market.

TSMC, which is also struggling with a slowdown in cryptocurrency mining demand, is expecting sales of US$9.35 billion to US$9.45 billion this quarter, short of the US$9.55 billion average estimate.

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