TSMC reported its fourth quarter 2008 results with consolidated revenue of NT$64.56 billion, net income of NT$12.45 billion, and diluted earnings per share of NT$0.48. This represents a year-over-year decrease in revenue of 31.2%, net income of 63.9%, and diluted EPS of 62.3%. For the first quarter of 2009, TSMC expects revenue between NT$32-35 billion, gross profit margin between 1-5%, and operating profit margin between -19% and -15% due to weak consumer demand and customers reducing inventories aggressively in response to the economic recession.