Taiwan Semiconductor Manufacturing Company (TSMC) saw its February revenues fall to a new 10-month low as a result of seasonal factors and fewer working days during the month.

TSMC has announced consolidated revenues of NT$71.42 billion (US$2.3 billion) for February 2017, down 6.8% sequentially but up 19.9% on year. Revenues came to NT$148.04 billion for the first two months of the year, rising 13.5% from the same period in 2016.

TSMC will have to see its March revenues rebound to NT$88 billion in order to meet its first-quarter revenue guidance of NT$23.6-23.9 billion.

At its January investors meeting, TSMC disclosed revenues for the first quarter of 2017 will fall up to 10% sequentially. The foundry also expressed caution over the prospects for the second quarter, citing inventory correction among its fabless clients. DOI at TSMC's fabless IC customers at the end of first-quarter 2017 is set to be above usual seasonal levels, the foundry added.

Despite being conservative in its outlook for the first half of the year, TSMC is looking to enjoy another record year in 2017 with revenues forecast to grow 5-10% from 2016 when the foundry generated a record NT$947.94 billion.