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Taiwan Semiconductor Earnings Edge Estimates For First Quarter

Taiwan Semiconductor Manufacturing Co. (TSM), the world’s largest contract chipmaker, on Thursday narrowly beat Wall Street’s target for its first-quarter earnings. TSM stock rose in early trading.




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Taiwan Semiconductor, better known as TSMC, earned 96 cents per U.S. share in the March quarter. Analysts expected TSMC to earn 95 cents a share in the period. In the year-ago quarter, the chip foundry earned 75 cents a share.

Last Friday, TSMC reported better-than-expected first-quarter sales of $12.92 billion, up 25% year over year.

In premarket trading on the stock market today, TSM stock climbed 1%, near 122. TSM stock has been consolidating for the past nine weeks at a buy point of 142.29, according to IBD MarketSmith charts.

After hitting a record high of 142.19 on Feb. 16, TSM stock fell 24% in a tech stock sell-off before beginning to recover.

Recently it has faced resistance at its 50-day moving average line, according to Leaderboard analysis. TSM stock is on IBD’s Leaderboard watchlist.

Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.

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