Taiwan Semiconductor Manufacturing Co. TSM 5.55%▲ cut its capital expenditure forecast by about 10% this year, despite reporting a record quarterly profit surge, responding to headwinds including slowing global chip demand and rising costs.
The world’s largest contract chip maker on Thursday posted an 80% increase in net income for the July-to-September quarter, mainly due to strong sales of its cutting-edge chips used in smartphones and other devices.
