Apple’s iPhone processor manufacturer TSMC has posted its greatest drop in profits since 2019, despite the quarter ending with the release of the iPhone 15 range.
Ahead of its July 2023 earnings report, analysts had correctly predicted that TSMC’s profits would be down, but presumed they would rebound for the September quarter because of demand for Apple’s new iPhone 15 range. However, according to CNBC, while TSMC’s latest figures are better than analysts expected, they still represent the firm’s biggest decline since Q1 2019.For Q3 2023, TSMC reports it earned a profit of $6.69 billion. It’s a revenue drop of 10.83% year on year, while net income fell 24.87% over the same period. Apple is about 23% of TSMC’s annual earnings, but it is more heavily loaded into an earlier quarter in the year, given manufacturing timetables.
