Chipmaker TSMC Reports 7 Percent Drop in Profit

Although Taiwan Semiconductor Manufacturing Company reported a 7.7 percent drop in 1Q profits, the company chairman said he expects to see "solid growth" this year. First quarter revenue was NT$105.5 billion. The company forecast revenue to increase to NT$128 billion in the second quarter. TSMC Chairman Morris Chang expects 2012 to be a year of "solid growth," with stronger-than-anticipated demand for smartphones and tablet computers coming from the U.S. and China.