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TSMC cuts 2018 sales target on weak iPhone demand

No.1 contract chipmaker cites cryptocurrency volatility as a risk, but sees little impact from ZTE

TAIPEI -- Taiwan Semiconductor Manufacturing Co., the world's biggest contract chipmaker and a key Apple supplier, on Thursday slashed its 2018 sales target, citing continuous soft demand for premium phones and a volatile cryptocurrency mining market.

The company expects its full-year revenue to grow about 10%, down from its previous forecast of 10% to 15% in U.S. dollar terms, according to C.C. Wei, co-chief executive of TSMC.

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