TSMC Cuts Sales, Spending Outlook as Crypto Slowdown Bites

Taiwan Semiconductor Manufacturing Co. trimmed its outlook for 2018 revenue and capital spending, reflecting lethargic mobile and digital currency mining demand as it gears up to supply the next batch of Apple Inc.’s iPhones. Chief Executive Officer C. C. Wei said sales will rise this year by a high single-digit percentage in U.S. dollar terms, down from an already reduced projection of 10 percent. Taiwan’s largest company, a bellwether for the chip industry as well as an early indicator of iPhone demand, heads into its busiest quarters still grappling with waning enthusiasm for the high-powered chips used to mine digital currencies.