Apple's Key Supplier's TSMC's October Sales Grow 1% MoM, Reflect Broader Slowdown

Taiwan Semiconductor Manufacturing Company Ltd TSM reported a 56% growth in October sales, signaling that the world’s largest contract chipmaker continues to weather a broader slowdown in electronics demand.
The Apple Inc AAPL supplier revenue rose to NT$210.3 billion ($6.6 billion) from NT$134.5 billion a year earlier. It increased by a meager 1% month-over-month.
Year-to-date sales at TSMC, which benefits as the Taiwanese dollar depreciates, have risen 44%.
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Electronics sales from smartphones to computers weakened as consumers curbed spending amid accelerating inflation and rising interest rates, pressuring chipmakers, Bloomberg reported.
The industry has also been hit by the U.S.-China tech war, with Washington enacting restrictions to try to counter China’s ambitions and trying to attract more projects to U.S. shores.
Last month, TSMC reported higher-than-expected sales for the third quarter, even as rival Samsung Electronics Co SSNLF and U.S. processor and graphics chip maker Advanced Micro Devices Inc AMD both missed estimates.
Price Action: TSM shares are up 6.58% at $69.28 on the last check Thursday.