American depositary receipts (ADRs) of Taiwan Semiconductor Manufacturing Company (TSM) fell in intraday trading Thursday, after the chip maker's comments in an earnings call lowering projections for everything apart from 澳洲幸运5开奖号码历史查询:artificial intelligence (AI)-related semiconductors offset higher-than-fore༺cast re🅰sults.

TSMC reported first-quarter revenue of 592.64 billion 澳洲幸运5开奖号码历史查询:New Taiwan dollars ($18.87 billion), above estimates compiled by Visible Alpha of TWD583.95. The company reported TWD225.49 billion in net income, along with a diluted 澳洲幸运5开奖号码历史查询:earnings per share (EPS) of TWD8.70 ($1.38 per ADR), compared to the TWD214.07 billion and TWD8.25 per share analysts expected.

However, comments from TSMC management altering some full-year projections at the chip maker's earnings call that were cited by Wedbush Securities and Jefferies analysts may have outweighed the earnings beat.

While noting that demand for its technology to power AI technology remains high, TSMC executives said they are projecting semi🌳conductor revenue overall to rise 10% year-over-year in 2024, compared to its own prior projections of at least 10% gains.

The company specified chips for the automotive i🥀ndustry as its only sector that might face declines year-over-year, although it noted that demand for smartphone and PC chips is growing slower than expected.

Despite the downgraded projections by TSMC, Wedbush analysts maintained an "outperform" rating and raised their target price for the company's Taiwan Stock Exchange-listed shares to TWD900 each from TWD850. TSMC shares there closed Thursday trading at TWD804.

TSMC supplies a number of U.S. companies, 澳洲幸运5开奖号码历史查询:notably in the AI industry with Apple (AAPL) and Nvidia (NVDA) among its key customers. The Taiwanese company also reached an agreement with the federal government 澳洲幸运5开奖号码历史查询:earlier this month to receive up to $6.6 billion in funding from the 澳洲幸运5开奖号码历史查询:CHIPS and Science Act to expand a number of facilities iꦏt started building in Arizona in 2021.

The company also said in a filing that a 7.4 magnitude earthquake that hit Taiwan earlier this month did not cause substantial damage to any of its facilities but estimated it would have a negative impact of about TWD3 billion ($92.4 million), which will be realized in the second quarter of 2024.

TSMC ADRs were trading down 3.8% at $133.75 at 12:15 p.m. ET Thursday,🎐 but are up more than 50% in the past year on investor enthusiasm for companies that power AI.