TSMC reports $3.9B Q1 profit, but slashes outlook for the year

Taiwan Semiconductor Manufacturing Company (TSMC) beat analyst estimates after reporting its net profit almost doubled in the quarter that ended in March, and said it was hopeful to sustain momentum in the current quarter but slashed its industry and foundry outlook for the year.
The Taiwan-headquartered company, which counts Appleamong its clients, reported profit of NT$116.99 billion ($3.9 billion) on $10.31 billion revenue in the quarter that ended on March 31, higher than NT$105.8 billion pr