After reporting abysmal quarterly results and announcing it expects a loss in Q1 2009, TSMC warns the global semiconductor market might shrink by 30 percent in 2009.

TSMC CEO Rick Tsai expects the overall semi market will decline by 30 percent, while the wafermakers will see a drop of 35 percent, due to high inventory levels, or should we say low demand.

TSMC recorded an 8.5 percent drop in net profits in 2008, on NT$333 billion of revenues, and anaylsts believe its 2009 revenue might drop below NT$200 billion.

The company recently announced it would cut 1,000 jobs.

More here.