Taiwan Semiconductor Manufacturing Company (TSMC) (TSM, Financial) has released its financial results for the second quarter of fiscal year 2024, showing a significant increase in profitability. The company reported a net profit of $7.662 billion, marking a 29.45% year-over-year growth. TSMC's operating revenue for the quarter reached $20.821 billion, an impressive 33.01% increase from the previous year. The basic earnings per share stood at $1.48.
TSMC's balance sheet shows total liabilities of $66.65 billion, with short-term debt accounting for $792 million. The debt-to-asset ratio is notably low at 0.01, indicating strong financial health, supported by a current ratio of 2.48.
Regarding analyst ratings, as of October 18, 2024, twelve financial institutions have set target prices for TSMC's stock, with an average target price of $216.67. The target price range varies, with the lowest at $170.00 and the highest at $250.00.
TSMC is the largest dedicated chip foundry globally, holding a market share of over 58% as of 2020, according to Gartner. Founded in 1987 and listed in the U.S. in 1997, TSMC has leveraged its vast scale and cutting-edge technology to maintain robust operating profits despite intense industry competition. The company's shift to a fabless business model has been advantageous, attracting a prestigious clientele including Apple, AMD, and Nvidia, who rely on TSMC's advanced processing technologies for their semiconductor designs.
