SAN JOSE, Calif. -- Amid a slight capital spending cut for 2008, Taiwan Semiconductor Manufacturing Co. Ltd. (TSMC) posted record sales for the fourth quarter of 2007.
Foundry provider TSMC said fourth-quarter sales were NT$93.86 billion (US$2.89 billion), representing a 5.5 percent jump from the previous quarter and a 25.2 percent increase from a year ago.
Net income was NT$34.5 billion (US$1.07 billion), a 34.4 percent jump from the previous quarter and a 37.4 percent increase from the like period a year ago.
TSMC's capital spending was $2.557 billion in 2007. In 2008, the company's capex is projected to fall and be at $1.8 billion.
''Fourth quarter set another record for our business in terms of revenues and wafer shipment, while our margins improved sequentially,'' said Lora Ho, vice president and chief financial officer of TSMC, in a statement. ''Although the global economy is facing a large degree of uncertainty, we expect our first quarter to follow a normal seasonal pattern and our results will track with normal seasonality.''
For 2007, TSMC's sales hit NT$322.6 billion (US$9.82 billion), up 1.6 percent over 2006. Net income was NT$109.9 billion in 2007, down 13.6 percent from 2006.
For Q1, TSMC sees a lull. It expects wafer shipments to decrease by approximately 4 percentage points. Revenue is expected to be between NT$87 billion and NT$89 billion.