TSMC chairman Morris Chang said at the company's annual shareholders' meeting that the worst for the semiconductor market has gone. Last month the Taiwanese foundry saw its highest sales in seven months, although revenue is still down 15.6 percent year-over-year. Chang is optimistic and predicts sales of the global semiconductor market will likely grow 5-6 percent annually in the next few years.
TSMC's May sales still fell from a year earlier but analysts say the result was in line with their expectations and TSMC was on track to meet its second-quarter sales target, even though a strong Taiwan dollar threatens to hurt its profit margins.
Taiwan Semiconductor Manufacturing Co Ltd (TSMC) had unconsolidated sales of T$24.47 billion ($748 million) last month, down 15.6 percent from a year ago. But that was up 12.6 percent from April, its third straight month-on-month rise.