Taiwan Semi, InvenSense Stumble Over Apple’s iPhone Shortfall

By | May 10, 2016

Scalper1 News

Taiwan Semiconductor Manufacturing ( TSM ) stumbled into Apple ‘s ( AAPL ) iPhone shortfall early Tuesday when it reported Q1 sales that missed by $30 million. Those results came a day after InvenSense ( INVN ) posted its first-ever year-over-year sales fall and guided to a steeper dip in June. In early trading on the stock market today , InvenSense stock crashed 20%, and Taiwan Semiconductor’s U.S. shares were down 0.5%. The stocks have lost 16% and 6%, respectively, since Apple’s fiscal Q2 sales miss — its first in 13 years — on April 26. For the March quarter, TSM reported $6.14 billion in sales and 38 cents earnings per American depositary receipt ex items, down 13% and 21%, respectively, vs. the year-earlier quarter. Sales lagged the consensus view of eight analysts polled by Thomson Reuters for $6.17 billion, but earnings met the 38-cent model. Current-quarter sales guidance for $6.66 billion to $6.75 billion would be flat at the midpoint vs. the year-earlier quarter. TSM didn’t provide an earnings view, but analysts model 40 cents per ADR ex items. Last Monday, InvenSense reported $79.5 million in fiscal Q4 sales and 2 cents earnings per share ex items, down 20% and 83%, respectively, vs. the year-earlier quarter, but in line with the consensus of 13 analysts polled by Thomson Reuters. On a year-over-year basis, fiscal Q4 was the first time InvenSense’s sales have fallen after decelerating for five consecutive quarters. It was also InvenSense’s biggest-ever EPS topple. InvenSense wrapped fiscal 2016 with $418.4 million in sales and 49 cents EPS ex items, up a respective 12.5% and 7%. Sales missed the consensus for $420.9 million, but EPS beat the 47-cent model. For the current quarter, InvenSense expects sales to fall 44% at the midpoint of its range of $58 million to $62 million and, for the first time, a 5-cent to 7-cent per-share loss ex items, swinging from a 14-cent gain in the year-earlier quarter. Scalper1 News

Scalper1 News