TSMC Sticks to Sales Growth Outlook Despite Economic Woes, Inflation

Taiwan Semiconductor Manufacturing stuck with its strong revenue growth forecast for the current year despite economic troubles in its biggest markets including the U.S. and China, saying demand remains solid for its chips used in electric cars and high-performance computers.

The world’s largest contract chip manufacturer expects its revenue to increase by about 30% this year from last year’s 24.9% in U.S. dollar terms, executives said, which was in line with what the company projected in April. That figure is higher than the expected 20% growth for the overall wafer fabrication industry, they said at the company’s annual shareholder meeting on Wednesday.