TSMC Updates its Forecast

Taiwan Semiconductor Manufacturing Co (TSMC) forecast earlier this year that its annual revenue would grow between 5% and 10% from NT$843.5 billion ($27 billion) last year. The company now thinks that the increase will be almost 10%, at the top end of its forecast. TSMC makes processors for iPhones. There was a drop in smartphone demand in the first quarter, but the market has recovered. The firm now predicts that growth will continue over the next five years.