The accompanying table provides a summary of the full-year 2024 performance, including revenue (in USD billions), year-over-year (YoY) growth, and relevant notes for each company. Below are some highlights from the individual company reports:
TSMC: The world’s leading foundry, TSMC, continued its strong performance, reporting exceptional growth. While specific Q4 figures aren’t detailed here, the full-year 2024 revenue reached a substantial US$87.8 billion, representing a significant 33.9% YoY increase. This underscores TSMC’s dominant position in the semiconductor industry.
SMIC: The leading Chinese foundry, SMIC, significantly boosted its position, reporting a remarkable 27% YoY revenue growth for 2024, reaching US$8.03 billion. Q4 revenue alone saw a 32% YoY increase. Their wafer shipments surpassed 8 million 300mm equivalent wafers, maintaining a strong 86% average fab utilization rate. SMIC projects a 7% sequential revenue increase for Q1 2025.
GlobalFoundries (GF): The US-based GF experienced a mixed performance. While Q4 revenue dipped slightly (-1% YoY) to US$1.8 billion, it showed a 5% sequential increase. Full-year revenue reached US$6.75 billion, down 9% YoY. A noteworthy event was a US$935 million impairment charge related to legacy assets in Malta, New York. However, GF also announced a new center for advanced packaging and testing at the same facility, leveraging state and CHIPS Act funding. Q1 2025 revenue is forecasted to decrease by 14% compared to Q4 2024.
Hua Hong: This second-tier Chinese foundry reported strong growth, with Q4 revenue up 18% YoY and 2.4% sequentially, reaching US$539 million. Full-year revenue reached US$2 billion, driven by near 100% fab utilization. Q1 2025 revenue is projected at US$540 million.
Tower Semiconductor: The Israeli foundry reported full-year 2024 revenues of $1.44 billion, a slight increase compared to 2023’s $1.42 billion (approximately 1.4% YoY growth). However, profitability metrics reveal a significant difference between the two years. While 2024 showed gross profit of $339 million, operating profit of $191 million, and net profit of $208 million, 2023’s figures included substantial one-time gains from the Intel merger contract termination ($290 million net) and restructuring income ($11 million net), resulting in significantly higher gross profit ($354 million), operating profit ($547 million), and net profit ($518 million) for that year. For 2025, Tower targets YoY and sequential revenue growth, with an acceleration expected in the second half of the year.
