Shares of contract manufacturer Taiwan Semiconductor Manufacturing (TSM) closed 5.5% lower on Thursday despite the company reporting year-over-year growth in revenues and earnings in its second-quarter financial results. Lower-than-expected gross profit margin and tepid third-quarter gross margin outlook led to the plunge in share price. The company was in focus as it was expected to have benefited from the current global chip shortage, as well as strength in the Taiwan dollar during the second quarter. Quarterly earnings stood at 19 cents, up from 17 cents in the year-ago quarter. However, EPS missed the Street’s estimates of 93 cents. (See Taiwan Semiconductor stock charts on TipRanks) Quarterly revenue of $13.
https://www.tipranks.com/news/taiwan-semiconductor-misses-earnings-estimates-shares-fall
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