[News] TSMC’s April Sales Hit Record on Tariff Rush, but Currency Gains Cloud Outlook

TSMC announced today (May 9) that its consolidated revenue for April 2025 reached approximately NTD 349.57 billion (about USD 11.6 billion), up 22.2% from March 2025 and 48.1% higher than April 2024.

Its April revenue surpassed the previous record high of NTD 314.24 billion set in October 2024, marking a new all-time high, as highlighted by Central News Agency.

Total revenue for the January–April 2025 period came to NTD 1,188.82 billion, representing a 43.5% increase compared to the same period last year, according to TSMC’s press release.

Bloomberg notes that TSMC’s April revenue reflects how electronics firms rushed to secure critical components ahead of impending global tariffs. Meanwhile, the record-high revenue was also driven by growing demand for 3nm and 5nm process, driven by the growing adoption of HPC, as indicated by Commercial Times.

Stronger NT Dollar May Weigh on Margins

Despite the record-breaking revenue, Central News Agency also points out that the New Taiwan dollar has recently strengthened significantly against the U.S. dollar, closing at 30.311 at today’s midday trading. This is well above the NTD 32.5 exchange rate TSMC used in its Q2 forecast and could reduce the company’s reported revenue and gross margin in New Taiwan dollars, the report notes.

During its Q1 2025 earnings call, TSMC forecast Q2 consolidated revenue of USD 28.4–29.2 billion, based on an assumed exchange rate of NTD 32.5 to the U.S. dollar. Under this assumption, it projected a gross margin of 57%–59% and an operating margin of 47%–49%.

Analysts estimate that each 1% gain in the NTD could reduce TSMC’s operating margin by approximately 0.4 percentage points, as noted by TechNews.

AI Diffusion Rule Scrapped, Potential Boost for TSMC

Bloomberg and Reuters report that the AI diffusion rule will no longer take effect on May 15 as originally planned, as President Trump moves to overhaul U.S. chip export policy. Bloomberg notes that the change could benefit TSMC in the short term, with roughly 20% of its revenue tied to AI chip production. The administration is reportedly working on a revised version of the rules, likely focusing on direct negotiations with individual countries, the report adds.

Read more

• [News] TSMC Reportedly Asks Suppliers for Revised Quotes, Aiming for 30% Cost Cut Amid TWD Surge
• [News] Why Are Chip Giants Going Silent? Marvell, Samsung & Freeze Forecasts Amid Tariff Turmoil

(Photo credit: TSMC)