
TSMC to phase out 6-inch wafer production over two years
The decision, which TSMC told Reuters in a statement was made after a thorough evaluation, was based on market conditions and aligned with the company's long-term business strategy.
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Reuters
27 minutes ago
- Reuters
Xiaomi's second-quarter revenue up 30.5%, boosted by smartphones
BEIJING, Aug 19 (Reuters) - A rise in sales of smartphones, especially in Southeast Asia, helped to boost Xiaomi's ( opens new tab second-quarter revenue by 30.5%, the smartphone and EV company said on Tuesday. Revenue for the quarter ended June 30 was 116 billion yuan ($16.16 billion), beating the 114.7 billion yuan average of 15 analyst estimates compiled by LSEG. Adjusted net profit rose 75.4% year-on-year to 10.8 billion yuan, exceeding the average estimate of 10.1 billion yuan, according to LSEG data. The world's third-largest smartphone maker became the bestselling smartphone brand in Southeast Asia in the second quarter and took second place by shipments in Europe, it said. Its EV business, meanwhile, generated 20.6 billion yuan in revenue during the second quarter, up from 18.1 billion during the first quarter. It delivered 81,302 EVs in the June quarter, compared with deliveries of 75,869 SU7 cars in January-March. Its second EV model YU7 was launched in late June, with the deliveries only beginning last month, meaning it has yet to be reflected in results. Its EV, AI and other new initiatives reported a total net loss of 0.3 billion yuan in the June quarter, narrowing from a loss of 0.5 billion in the first quarter. Hong Kong-listed shares in Xiaomi, which also makes home appliances, closed down 1.2% at 52.4 Hong Kong dollars. The stock has risen 52% so far this year. ($1 = 7.1798 Chinese yuan renminbi)


Reuters
29 minutes ago
- Reuters
China allocates 100 bln yuan to businesses affected by natural disasters
HONG KONG, Aug 19 (Reuters) - China's central bank on Tuesday said it would allocate 100 billion yuan ($13.93 billion) of re-lending quota to support businesses hit by natural disasters, especially small businesses and agricultural enterprises. ($1 = 7.1796 Chinese yuan renminbi)


Reuters
29 minutes ago
- Reuters
China's Pop Mart, maker of the Labubu doll, says profit soars nearly 400% in first half
SHANGHAI, Aug 19 (Reuters) - China's Pop Mart ( opens new tab, which has taken the world by storm with its ugly-cute Labubu doll, reported a nearly 400% first-half net profit on Tuesday on high demand for the toys and a shift towards higher-margin overseas markets. Net profit of 396.5% and a 204.4% jump in revenues exceeded numbers flagged in an earnings preview last month forecasting revenue growth of 200% in the first half of 2025 and a recurring net profit increase of at least 350% on the year. Shares in Pop Mart have risen more than 200% year-to-date, making the Chinese toy company more valuable than traditional industry giants like Barbie-maker Mattel (MAT.O), opens new tab and Hello Kitty parent company Sanrio (8136.T), opens new tab. Pop Mart often sells its collectable figurines in so-called "blind boxes" with buyers not knowing the exact design they will receive until they open the packaging. One of the major drivers of the toothy-grinned Labubu's success has been its popularity with celebrity fans, who include Lisa of K-pop group Blackpink, singer Rihanna and ex-soccer star David Beckham. Pop Mart is pledging to increase supply of the dolls, which have sold out in stores around the world. Its CEO Wang Ning, in an interview with Chinese state media last month, said sales of Labubu will surpass 10 million units per day from September this year. Pop Mart classifies Labubu under its "The Monsters" intellectual property (IP) characters. It said on Tuesday that "The Monsters" raked in 4.81 billion yuan ($669.88 million) in the first half, accounting for 34.7% of total revenue. Four other IPs earned over 1 billion yuan during the period, including "Molly" and "Crybaby", it added. The company now has 571 stores - 40 of which it opened in the first half of this year - as well as 2,597 automated robot shops across 18 countries and regions, it added. ($1 = 7.1804 Chinese yuan renminbi)