TSM: The Better-than-expected ER
DELIVERED 😏
• Sales $30.1B vs Est. $30.0B
• EPS $2.47 vs Est. $2.12
• Net Income $13.5B vs Est. $12.1B
• Gross Margins 59% vs. Est. 58%
2025 Q3 Guidance
• Sales $32.4B vs Est. $31.7B
• Operating Margins 47% vs. Est. 47%
FY25 Guidance
• Sales 30% vs Est. 26%
• CapEx $40B vs. Est. $38B
CEO COMMENTARY
• Management reaffirmed long-term GM ≥53%, but flagged 2H margin risk from tariff uncertainty & FX volatility.
• N3 capacity remains tight, with supply-demand gaps narrowing at premium nodes -- N2 & advanced packaging (CoWoS/SoIC) ramping into 2H25.
• $165B U.S./EU fab build-out supports customer diversification, but overseas production will structurally dilute margins.
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- AuntieAaA·07-18GoodLikeReport