Taiwan Semiconductor Manufacturing Company (TSM)
Taiwan Semiconductor Manufacturing Company (TSMC) saw its sales rise on the back of the AI boom last quarter, growing 40% in the three months to the end of June, with revenue reaching NT$673.5bn (US$206.4bn, £161.3bn).
The result exceeded expectations of a 35.5% increase.
TSMC supplies cutting-edge chips to both Apple (AAPL) and Nvidia (NVDA), and demand for its products has briefly pushed the company’s market capitalization to $1 trillion in recent weeks as Wall Street brokerages raised estimates of its potential value.
As demand for its AI data centers and products grows, the company is expected to raise prices, further increasing its revenue.
Despite the upbeat report, the stock was lower in trading on Wednesday.
JD Wetherspoon (JDW.L)
Pub chain Wetherspoon’s said in its quarterly results on Wednesday that despite sales growth it was adjusting its strategy towards bigger, newer pubs and planning to sell more outlets.
The company recorded a 5.8% increase in sales over the 10 weeks ending July 7, 2024, compared to the same period last year. Year-to-date, sales have increased 7.7% over the same period last year.
The company plans to sell 10 more pubs, adding to the 26 it has already sold.
“The gradual post-pandemic recovery in sales and profits has continued into the current fiscal year, with total sales again at record levels despite reduced store count,” CEO Tim Martin said. “Sales per store are approximately 21% higher than pre-pandemic levels, helping to offset significant cost increases.”
British station distributor SSP Group, which operates brands such as Starbucks (SBUX) and M&S (MKS.L), saw its shares soar more than 11% in early London trading on Wednesday after reporting strong third-quarter results.
Group revenue grew 16% year-on-year, with a 6% increase on the same period last year, net bookings growth of 5% and acquisitions contributing 5%.
The increase in sales was driven by increased demand for leisure travel, and the full-year outlook remains unchanged.
Bharat Development (BDEV.L)
The British housebuilder’s shares fell at the open on Wednesday, dropping 3% after the open, after it said it would set aside around 130 million pounds to address problems at its legacy buildings. The work relates to two developments in Croydon.
An extra £62 million has been set aside to address fire safety issues, following the Government’s Building Safety Fund.
The company’s full-year guidance, released on Wednesday, was 7% below market expectations. The company’s sales fell to 14,004 units from 17,206 a year ago, making it the biggest faller in the FTSE 100 (^FTSE) index.
“Barratt’s performance this year is a testament to the company’s efficient operations,” said Anthony Codling, managing director of equity research at RBC Capital Markets.
“Barratt is an extremely well-equipped organisation well positioned to make the most of challenging market conditions. That said, in our view, its land-starved strategy may be a drag and although we see market conditions improving over the next 12 months, we expect Barratt to experience lower transaction volumes.”
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