TSMC Hikes Outlook Yet Delays Spending as Uncertainty Looms

Taiwan Semiconductor Manufacturing Co. raised its 2022 revenue forecast while warning it will trim spending on expansion by as much as 9% from initial projections, reflecting uncertainty about electronics demand in the face of a potential global recession.

Chief Executive Officer C. C. Wei warned on Thursday it was too early to go into specifics about spending plans or the outlook for semiconductor demand in 2023 should customers delay purchases. But TSMC should still enjoy “a growth year,” the executive said.