Speaking at the shareholders meeting on Tuesday, TSMC’s CEO Morris Chang said that the company is cautious when it comes to the US economy, since it has recovered at a slower rate than expected.

Chang based his opinion on a number of indicators, including employment data. Furthermore, he acknowledged that the EU crisis won’t make things any easier.

TSMC’s North American clients account for as much as 70 percent of the company’s wafer sale revenue. This pretty much sums it up when it comes to importance of this market, and at the same time puts TSMC’s concern in perspective.

For the year 2011, TSMC reported net profits of NT$134.2 billion on consolidated revenues of NT$427.08 billion. The company’s earnings, gross margins and operating margins all dropped in 2011 compared to the year before - by 17, 4 and 4.8 percent, respectively. The company’s consolidated revenues for 2011 are up by 9.2 percent compared to 2010.  

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