RTTNews | Jul 15, 2021 10:29AM EDT

10:28 Thursday, July 15, 2021 (RTTNews.com) - Chinese chip manufacturing company, Taiwan Semiconductor Manufacturing Company Limited (TSM) is down 5% in the morning trading of Thursday despite the company reporting improved second-quarter results. The company also expects third-quarter revenue, slightly better than the Street view

The company reported an earning of $0.93 per share in the second quarter, with net revenue of $13.29 billion. The earning increased 18% year over year while the revenue saw a 28% hike since the same quarter last year.

The company forecasted the revenue in the third quarter to be in the range of $14.6 billion to $14.9 billion while the estimate remains at $14.57 billion.

"Moving into third quarter 2021, we expect our business to be supported by strong demand for our industry-leading 5-nanometer and 7-nanometer technologies, driven by all four growth platforms, which are smartphone, HPC, IoT (Internet of Things), and automotive-related applications," said the CFO of the company Wendell Huang.

The shares are currently trading at $118.73, down $5.66 or 4.55% from their previous close at $124.39. The shares opened at $120.12 in the morning and in the 52-week period, the shares have moved between $64.32 and $142.20.

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