TSMC had  Q1 revenue of $10.3 billion for a net profit of $3.85 billion.

Y-o-y, Q1 revenue increased 45% while net income and diluted EPS both increased 90.6%.

Compared to Q4 2019, Q1 results represented a 2.1% decrease in revenue and a 0.8% increase in net income.

Gross margin for the quarter was 51.8%, operating margin was 41.4%, and net profit margin was 37.7%.

In Q1, shipments of 7nm accounted for 35% of total wafer revenue and 10nm  process technology contributed 0.5% while 16nm accounted for 19%.

Advanced technologies, defined as 16nm and more advanced technologies, accounted for 55% of total wafer revenue.

“Our first quarter business declined less than seasonality, due to the increase in HPC-related demand and the continued ramp of 5G smartphones,” said Wendell Huang, VP and Chief Financial Officer of TSMC. “Moving into second quarter 2020, we expect our revenue to be flattish, as weaker mobile product demand is expected to be balanced by continued 5G deployment and HPC-related product launches. Based on our current business outlook, management expects the overall performance for second quarter 2020 to be as follows”:

• Revenue is expected to be between US$10.1 billion and US$10.4 billion; And, based on the exchange rate assumption of 1 US dollar to 30.0 NT dollars,
• Gross profit margin is expected to be between 50% and 52%;
• Operating profit margin is expected to be between 39% and 41%.