TSMC (TSMC) announced its second quarter results for 2022, showing that revenue reached NT$534.14 billion, and the average exchange rate of NT$18.16 billion was converted into USD 18.16 billion, consistent with TSMC's previously estimated range of USD 17.6 billion to USD 18.2 billion, an increase of 36.6% year-on-year and 3.4% month-on-month, setting a new high again.
TSMC's net profit in the second quarter of 2022 was NT$237.03 billion, and its diluted earnings per share was NT$9.14 (US$1.55 per ADR unit), an increase of 76.4% over the same period last year. If compared with the financial report for the first quarter of 2022, net profit in the second quarter of 2022 increased by 16.9%.
TSMC's gross profit margin in the first quarter of 2022 was 55.6%, exceeding 55%, a lot higher than 53% in 2020. By the second quarter of 2022, gross profit margin increased to 59.1%, exceeding TSMC's original estimate of 56% to 58%. In addition, the operating profit margin was 49.1% and the net profit margin was 44.4%, of which the operating profit margin also exceeded the original estimated range of 45% to 47%.
TSMC said that the shipment of 5nm process accounts for 21% of revenue in the second quarter of 2022, and the revenue of 7nm process accounts for 30%. The combined two reached 51% of sales, meaning that advanced processes account for more than half of revenue. Currently, in the definition of TSMC, a 7nm or more advanced process is called an advanced process.
TSMC expects revenue in the third quarter of 2022 to be between US$19.8 billion and US$20.6 billion (assuming the average exchange rate of NTD to USD is 29.7 to 1), gross profit margin is between 57.5% and 59.5%, and operating profit margin is between 47% and 49%. In addition, TSMC President Wei Zhejia said at the legal representative briefing in the second quarter of 2022 that due to supply chain reasons, TSMC will postpone some capital expenditures in 2022 to 2023.
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