TSMC beat analyst estimates of a decline in its fourth-quarter, as increased demand from AI companies helped bolster its revenue in a faltering smartphone and computer market.
The quarter matched TSMC earnings from the same period last year, which was reportedly one of the company’s best-ever results.
Although the company did beat average analyst estimates, which averaged at $19.8bn, the chipmaker failed to drive any growth. TSMC’s sales in December were down 8.4% from a year prior.
The company’s executives have claimed they expect the business to grow in 2024, driven by boosted demand for its high-performance computing sector.
TSMC’s annual revenue has been growing since 2017 but peaked in 2022.
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In 2023, the annual revenue for TSMC totalled $69.6bn, according to GlobalData's company database. This is substantially lower than 2022, which saw the company report revenue of $76bn.
TSMC last year announced it it would be spending $3.8bn on a new factory in Germany.
The company's move into the continent marks its mission for a stronger domestic supply chain, backed by the recent passing of the European Chips Act which aims to double its chipmaking capacity within the decade.