Chipmaker TSMC reports 7 percent drop in profit
TAIPEI, Taiwan—Taiwan Semiconductor Manufacturing Co., the world's largest contract chip maker, says its earnings fell 7.7 percent in the first quarter.
The company, which supplies chips for use in gadgets including Apple's iPhones and iPads, said Thursday its January-March net profit was 33.5 billion New Taiwan dollars ($1.1 billion).
First quarter revenue was NT$105.5 billion. The company forecast revenue to increase to NT$128 billion in the second quarter.
TSMC Chairman Morris Chang expects 2012 to be a year of "solid growth," with stronger-than-anticipated demand for smartphones and tablet computers coming from the U.S. and China.