(Bloomberg) -- Taiwan Semiconductor Manufacturing Co. expects revenue to grow about 30% in 2022, signaling resilient demand for electronics despite global macroeconomic uncertainty.
Sales this year should accelerate from 2021’s 24.9%, which was in dollar terms, Chairman Mark Liu said at the company’s annual shareholder meeting on Wednesday. The company said in April annual revenue in dollar terms should exceed its previous outlook for growth in percentage terms in the mid- to high-20s.
TSMC’s projection comes as concerns persist that inflation, the war in Ukraine and Chinese lockdowns will hit demand for gadgets. On Wednesday, executives reaffirmed the company’s projection for $17.6 billion to $18.2 billion of revenue this quarter, supporting gross margins of as much as 58%.
TSMC, the most advanced maker of chips for tech giants from Apple Inc. to Nvidia Corp., rose more than 1% in Taipei, after having shed more than a tenth of its value this year. While the Taiwanese company has been one of the biggest beneficiaries in past years of soaring demand for chips in a growing range of connected devices, investors fear policy tightening around the world will begin to erode consumption in 2022.
Apple is planning to keep iPhone production roughly flat in 2022, Bloomberg News has reported -- a conservative stance as the year turns increasingly challenging for the smartphone industry. At the same time, wait times for semiconductor delivery hit a record high in May though some companies are starting to see relief. Chipmakers are also raising prices due to rising costs.
Read more: Apple to Keep IPhone Production Flat as Market Grows Tougher
(Updates with executives’ comments from the third paragraph)
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