Why Taiwan Semiconductor Stock Is Trading Lower Today

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© Provided by BenzingaTaiwan Semiconductor Manufacturing Co Ltd (NYSE: TSM) is trading lower Thursday morning after the company announced its second-quarter financial results. 

What Happened: Taiwan Semiconductor reported quarterly earnings of 93 cents per share, which was in line with estimates. The company reported quarterly revenue of $13.29 billion, which beat the estimate of $13.17 billion. Taiwan Semiconductor issued third-quarter revenue guidance in the range of $14.6 billion to $14.9 billion. 

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“Moving into third quarter 2021, we expect our business to be supported by strong demand for our industry-leading 5nm and 7nm technologies, driven by all four growth platforms, which are smartphone, HPC, IoT and Automotive-related applications,” said Wendell Huang, Vice President and CFO of Taiwan Semiconductor.

See Also: Understanding Taiwan Semiconductor’s Unusual Options Activity

Price Action: Taiwan Semiconductor has traded as high $142.19 and as low as $64.32 over a 52-week period. 

At the time of publication, the stock was down 4.41% at $118.90.

Photo by Willfried Wende from Pixabay.

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