Second quarter operating revenues increased by 3.8% sequentially to NT$56.30 billion as a better product mix from wafer shipments and a favorable foreign exchange rate slightly improved financial results amid continuing semiconductor inventory correction. Revenue contribution from 40nm and below technologies remained unchanged at 41% of wafer revenue. Gross profit grew 5.3% QoQ to NT$20.25 billion, or 36.0% of revenue. Operating expenses declined 1.1% QoQ to NT$5.72 billion. Net other operating income increased to NT$1.14 billion. Net non-operating income totaled NT$2.81 billion mainly reflecting the mark to market securities. Net income attributable to shareholders of the parent amounted to NT$15.64 billion.

Earnings per ordinary share for the quarter was NT$1.27. Earnings per ADS was US$0.204. The basic weighted average number of shares outstanding in 2Q23 was 12,348,986,144, compared with 12,348,880,384 shares in 1Q23 and 12,283,479,334 shares in 2Q22. The diluted weighted average number of shares outstanding was 12,526,182,161 in 2Q23, compared with 12,597,236,266 shares in 1Q23 and 12,553,373,552 shares in 2Q22. The fully diluted shares counted on June 30, 2023 were approximately 12,526,495,000.

Detailed Financials Section

Operating revenues grew slightly to NT$56.30 billion. COGS increased 3.0% to NT$36.04 billion. Gross profit grew 5.3% QoQ to NT$20.25 billion partly due to a better product mix. Operating expenses declined to NT$5.72 billion, as Sales & Marketing and G&A fell 24.6% and 18.4% respectively, while R&D increased 19.9% sequentially to NT$3.32 billion, representing 5.9% of revenue. Net other operating income was NT$1.14 billion. In 2Q23, operating income increased 8.2% QoQ to NT$15.68 billion.

COGS & Expenses
(Amount: NT$ million)	2Q23			1Q23			QoQ % change			2Q22			YoY % change
Operating Revenues	56,296			54,209			3.8			72,055			(21.9	)
COGS	(36,044	)		(34,985	)		3.0			(38,583	)		(6.6	)
Depreciation	(8,467	)		(8,439	)		0.3			(9,616	)		(11.9	)
Other Mfg. Costs	(27,577	)		(26,546	)		3.9			(28,967	)		(4.8	)
Gross Profit	20,252			19,224			5.3			33,472			(39.5	)
Gross Margin (%)	36.0	%		35.5	%					46.5	%
Operating Expenses	(5,718	)		(5,780	)		(1.1	)		(6,706	)		(14.7	)
G&A	(1,715	)		(2,102	)		(18.4	)		(2,579	)		(33.5	)
Sales & Marketing	(716	)		(950	)		(24.6	)		(915	)		(21.7	)
R&D	(3,317	)		(2,767	)		19.9			(3,209	)		3.4
Expected Credit Impairment gain (loss)	30			39			(21.6	)		(3	)		-
Net Other Operating Income & Expenses	1,141			1,037			10.0			1,398			(18.4	)
Operating Income	15,675			14,481			8.2			28,164			(44.3	)

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