TSMC reports shrinking profit, revenue in 3Q

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TAIPEI, Taiwan (AP) ? Taiwan Semiconductor Manufacturing Co. said its earnings dropped by more than a third in the latest quarter amid uncertainties about the global economy.

The world’s largest contract chip maker said Thursday its third-quarter net profit of 30.4 billion New Taiwan dollars ($1 billion) was down 35 percent from last year and down 15.5 percent from second quarter this year.

TSMC’s quarterly revenue totaled $3.5 billion, down 5 percent from the same period last year and 3.6 percent lower than the second quarter.