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Taiwan Semiconductor Manufacturing Company (TSMC) saw its second-quarter revenues register an about 6% sequential decrease and slightly outperform its guidance given in mid-April of a 7-8% on-quarter decline.

TSMC has reported consolidated revenues of NT$70.44 billion (US$2.32 billion) for June 2018, down 16.3% on year and about 13% sequentially. Revenues came to NT$233.28 billion for the second quarter.

TSMC is scheduled to hold its quarterly investors meeting on July 19.

At its last investors meeting, TSMC estimated revenues in US dollars would fall 7-8% sequentially to between US$7.8 billion and US$7.9 billion in the second quarter. Revenues in US dollars for all of 2018 will increase by up to 10%, compared to the previously-estimated 10-15%. TSMC also cut its growth forecasts for global foundry and overall IC market outlook this year to 8% and 5%, respectively, compared to 9-10% and 5-7% estimated previously.