Taiwan Semiconductor Manufacturing Company (TSMC) (2330.TW, TSM), the world’s largest contract chipmaker, reported a surge in sales for April, driven by a wave of stockpiling ahead of US tariffs on imports.
The company, which supplies major tech players such as Nvidia (NVDA) and Apple (AAPL), posted sales of NT$349.6bn (£8.7bn/$11.5bn) for the month, marking a 48.1% increase from the same period last year and a 22.2% rise from March.
The spike in revenue followed US president Donald Trump’s announcement on 2 April of tariffs on trade partners. Though the tariffs were temporarily paused for 90 days, the move prompted companies across the US to accelerate imports in anticipation of the duties taking effect.
TSMC, which is a key supplier for global technology giants, reported a 43.5% rise in revenue for the first four months of the year, reaching NT$1.2tn.
Shares in Lyft (LYFT) rose more than 7% in pre-market trading on Friday after the ride-hailing company beat earnings expectations, reported record ride volumes, and unveiled a $750m (£565m) share buyback programme aimed at boosting investor confidence.
For the quarter ending 31 March, Lyft reported adjusted earnings per share of 24 cents, up from 7 cents a year earlier and ahead of the 19 cents forecast by analysts. Revenue grew 14% year-on-year to $1.45bn, slightly below the expected $1.47bn.
The company forecast ride growth in the mid-teens % range year-on-year, signalling continued strength in rider demand. Lyft also announced an expansion of its share repurchase programme to $750m, a move seen as supportive for its stock price.
"The buyback will help to tamp down the supply of shares and make earnings per share look more attractive," said Andrew Rocco, stock strategist at Zacks Investment Research.
For the second quarter, Lyft expects gross bookings between $4.41bn and $4.57bn, compared with analysts’ estimates of $4.5bn. It forecast adjusted EBITDA in the range of $115m to $130m, largely in line with consensus.
Shares in Coinbase were down by 2.6% ahead of the US opening bell after the company reported first-quarter earnings that missed Wall Street’s expectations, despite growth in stablecoin revenue.
For the quarter ending 31 March, Coinbase posted a net income of $65.6m, or 24 cents per share, a drop from $1.18bn, or $4.40 per share, in the same period last year. Excluding the impact of crypto investments, the company’s adjusted earnings were $527m, or $1.94 per share.
Revenue rose to $2.03bn, up from $1.64bn a year ago, but still came in below the consensus estimate of $2.12bn from LSEG.
Transaction-based revenue totalled $1.26bn, while subscription and services revenue stood at $698.1m for the quarter.
Coinbase, which operates the largest cryptocurrency marketplace in the US, reported a 17% decline in consumer trading volume from the previous quarter, down to $78.1bn. The elevated volumes at the end of 2024 had been driven by optimism surrounding the election of Trump and expectations of a more crypto-friendly regulatory environment.
Institutional trading volume also saw a dip, falling 9% from the fourth quarter to $315bn.
In a strategic move, Coinbase announced plans to acquire Dubai-based crypto derivatives exchange Deribit for $2.9bn, marking the largest deal in the crypto sector to date. The acquisition will help Coinbase expand its footprint outside the US.
Shares in Pinterest surged 14% in pre-market trading on Friday, following a 15% climb after the company reported first-quarter earnings that exceeded expectations and offered better-than-expected guidance for the second quarter.
Pinterest’s revenue for Q1 came in at $855m, exceeding estimates of $846.6m. However, adjusted earnings per share of 23 cents missed analysts' expectations of 26 cents.
The company forecasted second-quarter sales in the range of $960m to $980m, with the midpoint surpassing analysts' expectations of $966m.
Pinterest also reported 570 million monthly active users for the quarter, ahead of Wall Street estimates of 565 million. The company logged $172m in adjusted EBITDA for the first quarter, a key metric for profitability.
Finance chief Julia Donnelly said on the post-earnings call that Pinterest is "not immune to the macro environment," but added that the company is confident in its "multiple revenue initiatives."
"We have observed a reduction in spend from Asia-based e-commerce retailers in the US, given the change in the de minimis exemption; however, we have also seen a geographic diversification from some of those Asia-based retailers to our European and rest-of-world user regions," Donnelly added.
Shares in IAG were higher as British Airways’ (BA) parent company has bought 32 new Boeing (BA) planes from the US, following the country’s trade agreement with the UK on Thursday.
International Airlines Group (IAG) confirmed the order of the Boeing 787-10 aircraft for its BA fleet, alongside 21 Airbus (AIR.PA) planes for its other airlines on Friday morning.
US commerce secretary Howard Lutnick said on Thursday that plane engines and other aeroplane parts would also be excluded from trade tariffs as part of the trade deal.
“We’ve agreed to let Rolls-Royce (RR.L) engines and those kinds of plane parts come over tariff-free,” he said.
He told reporters that an unnamed British airline had agreed to buy $10bn (£7.56bn) of Boeing planes as the trade deal was agreed.
“Looking ahead to the next decade, these new aircraft will enable us to strengthen our core markets and further improve our customer experience,” Luis Gallego, IAG chief executive said.
