ISTANBUL

Taiwanese semiconductor giant TSMC on Thursday reported net profits growth of 2.1% year-on-year in the first quarter of 2023.

The firm's sales amounted to $508.6 billion in January-March, up 3.6% on a yearly basis, while its net income totaled $206.99 billion.

On a quarterly basis, the firm's revenues and profits dropped 18.7% and 30%, respectively.

In the last quarter of 2022, its sales and net profits were at $625.5 billion and $295.9 billion, respectively.

Wendell Huang, vice president, said TSMC's business was impacted by weakening macroeconomic conditions and decreasing demand in the first quarter.

"Moving into second quarter 2023, we expect our business to continue to be impacted by customers' further inventory adjustment," he added.