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TSMC Reports 38.6% Year-on-Year Sales Increase in Q2, Exceeding Forecasts

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Taiwan Semiconductor Manufacturing Company (TSMC), the world’s largest contract chipmaker, announced second-quarter revenue of NT$933.8 billion ($31.9 billion), surpassing market expectations. This represents a 38.6% increase compared to NT$673.5 billion recorded in the same period last year.

The strong performance exceeded the LSEG SmartEstimate consensus of NT$927.8 billion from 21 analysts, as well as TSMC’s own April guidance, which forecasted revenue between $28.4 billion and $29.2 billion. The company is set to release its full Q2 earnings report, including outlooks for the current quarter and full year, on July 17.

TSMC has benefited significantly from the growing demand for artificial intelligence (AI) technologies, with major customers such as Nvidia relying on its advanced chip manufacturing capabilities.

Foxconn Posts Record Q2 Revenue Driven by AI Demand but Warns on Geopolitical and Currency Risks

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Taiwan’s Foxconn, the world’s largest contract electronics manufacturer and Apple’s main iPhone assembler, reported record revenue for the second quarter, boosted by strong demand for artificial intelligence (AI) related products. However, the company also flagged potential headwinds from geopolitical tensions and currency fluctuations.

Key Points:

  • Revenue Performance:
    Foxconn’s Q2 revenue rose 15.82% year-on-year to T$1.797 trillion (Taiwan dollars), surpassing analyst expectations (LSEG SmartEstimate: T$1.7896 trillion). June alone saw revenue climb 10.09% year-on-year to a record T$540.237 billion.

  • Drivers of Growth:

    • The surge in demand for AI-related cloud and networking products, including components for Nvidia’s AI chips, was a major growth driver.

    • Revenue from smart consumer electronics, including iPhones, was flat year-on-year, impacted by adverse exchange rate movements.

  • Outlook and Risks:
    Foxconn expects continued growth in the current quarter compared to previous quarters and last year but remains cautious about risks posed by evolving global political situations and foreign exchange volatility.
    The company did not provide specific numerical forecasts.

  • Geopolitical Context:
    The announcement comes amid heightened U.S. tariffs and trade tensions, with U.S. President Trump recently notifying 12 countries about potential tariff levels on their exports to the U.S., potentially affecting global supply chains.

  • Operational Footprint:
    Foxconn operates the world’s largest iPhone manufacturing facility in Zhengzhou, China.

  • Stock Market Impact:
    Despite last year’s strong 76% stock rally outperforming the Taiwan market, Foxconn’s shares have fallen 12.5% so far this year amid broader tech sector volatility influenced by trade policy concerns. The stock fell 1.83% on Friday ahead of the earnings announcement.

  • Next Steps:
    Full Q2 earnings will be released on August 14.

Figma Reports Strong Revenue and Profit Growth Ahead of NYSE IPO

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Figma, the cloud-based design platform, revealed robust revenue and profit growth in its filing for an initial public offering (IPO) on the New York Stock Exchange, setting the stage for one of 2025’s most anticipated listings. This move comes more than a year after Adobe’s planned $20 billion acquisition of Figma was called off due to regulatory hurdles in Europe and the UK.

For the first quarter ending March 31, 2025, Figma reported revenue of $228.2 million, a significant increase from $156.2 million in the same period last year. Its net income also tripled to $44.9 million. The company’s valuation had reached $12.5 billion last year during a tender offer allowing early investors and employees to cash out partially.

Figma’s IPO had been expected after Adobe’s acquisition was blocked and mutually shelved in December 2023. CEO and co-founder Dylan Field emphasized the company’s commitment to AI development, acknowledging that investing heavily in this technology could affect near-term efficiency but is vital for long-term growth. Field indicated the company will take “big swings” on platform investments and potential mergers and acquisitions, even if such moves may not seem immediately rational.

The company plans to use a portion of the IPO proceeds to pay down borrowings under its revolving credit facility, which it has used to manage upcoming tax payments. Major investment banks Morgan Stanley, Goldman Sachs, Allen & Co, and J.P. Morgan are leading the underwriting of the offering. Figma’s shares are expected to trade under the ticker symbol “FIG.”