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Shares of Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM), Arm Holdings Plc (NASDAQ:ARM) and ASML Holding N.V. (NASDAQ:ASML) are trading lower Thursday on continued downward momentum among the chipmakers. Here's a look at what's going on.
What To Know:
Shares of semiconductor companies have been trading lower amid overall market weakness and reports suggesting China has told telecom carriers to phase out foreign chips.
ASML released its first-quarter financials before the market open Wednesday and missed analysts' earnings and revenue estimates. ASML's shares have fallen more than 10% following the worse-than-expected earnings report.
Arm Holdings shares fell Wednesday in sympathy with ASML and the stock is down more than 20% over the past five days.
TSMC reported better-than-expected first-quarter top and bottom-line results Thursday. However, the company lowered its chip market outlook as it sees consumer weakness persisting which overshadowed its Q1 results.
"Macroeconomic and geopolitical uncertainty persists, potentially weighing on consumer sentiment and end-market demand," C.C. Wei, CEO of Taiwan Semiconductor, told analysts on a conference call, per Bloomberg.
Related News: What’s Going On With Arm Holdings Stock?
TSM, ARM, ASML Price Action: According to Benzinga Pro, Taiwan Semiconductor Manufacturing shares are down 4.73% at $132.45, Arm Holdings shares are down 2.69% at $104.67 and ASML shares are down 2% at $889.45 at the time of publication Thursday.
Image: Igor Omilaev from Unsplash
