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TSMC Reports First Quarter EPS of NT$7.82
HSINCHU, Taiwan, R.O.C. -- Apr. 14, 2022 -- TSMC (TWSE: 2330, NYSE: TSM) today announced consolidated revenue of NT$491.08 billion, net income of NT$202.73 billion, and diluted earnings per share of NT$7.82 (US$1.40 per ADR unit) for the first quarter ended March 31, 2022.
Year-over-year, first quarter revenue increased 35.5% while net income and diluted EPS both increased 45.1%. Compared to fourth quarter 2021, first quarter results represented a 12.1% increase in revenue and a 22.0% increase in net income. All figures were prepared in accordance with TIFRS on a consolidated basis.
In US dollars, first quarter revenue was $17.57 billion, which increased 36.0% year-over-year and increased 11.6% from the previous quarter.
Gross margin for the quarter was 55.6%, operating margin was 45.6%, and net profit margin was 41.3%.
In the first quarter, shipments of 5-nanometer accounted for 20% of total wafer revenue; 7-nanometer accounted for 30%. Advanced technologies, defined as 7-nanometer and more advanced technologies, accounted for 50% of total wafer revenue.
“Our first quarter business was supported by strong HPC and Automotive-related demand,” said Wendell Huang, VP and Chief Financial Officer of TSMC. “Moving into second quarter 2022, we expect our business to continue to be supported by HPC and Automotive-related demand, partially offset by smartphone seasonality.”
Based on the Company’s current business outlook, management expects the overall performance for second quarter 2022 to be as follows:
- Revenue is expected to be between US$17.6 billion and US$18.2 billion; And, based on the exchange rate assumption of 1 US dollar to 28.8 NT dollars,
- Gross profit margin is expected to be between 56% and 58%;
- Operating profit margin is expected to be between 45% and 47%.
TSMC's 2022 first Quarter Consolidated results:
(Unit: NT$ million, except for EPS)
TSMC IP Cores
| 1Q22 Amount a | 1Q21 Amount | YoY Inc. (Dec.) % | 4Q21 Amount | QoQ Inc. (Dec.) % | |
| Net Sales | 491,076 | 362,410 | 35.5 | 438,189 | 12.1 |
| Gross profit | 273,203 | 189,839 | 43.9 | 230,755 | 18.4 |
| Income from operations | 223,790 | 150,538 | 48.7 | 182,772 | 22.4 |
| Income before tax | 226,832 | 155,064 | 46.3 | 184,819 | 22.7 |
| Net income | 202,733 | 139,690 | 45.1 | 166,232 | 22.0 |
| EPS (NTS) | 7.82b | 5.39b | 45.1 | 6.41b | 22.0 |
a: 1Q2022 figures have not bee approved by Board of Directors
b: Based on 25,930 million weighted average outstanding shares
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