TSMC Stock Gains On Record Profits; Muted Outlook May Cloud Apple

Taiwan Semiconductor Manufacturing Co.  (TSM) – Get Free Report shares moved firmly higher Thursday after the world’s biggest contract chipmaker and a lead supplier for Apple  (AAPL) – Get Free Report iPhones posted record December quarter profits, but lowered its capital spending plans amid a pullback in global demand.

TSMC said profits for the three months ending in December got here in at T$295.9 billion ($9.72 billion), up 78% from the identical period last yr, as revenues rose 26.7% to $19.93 billion, a figure it expects to ease to between $16.7 billion and $17.5 billion over the primary three months of the yr.

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