first quarter. its revenues though, fell around 5% as the industry faces up to a supply glut. tsmc remains asia s most valuable listed company, despite a fall in its share price by over quarter last year. the company is under pressure as some western economies seek to diversify their semi conductor supply chains. let s cross live now to malcolm penn, a global semi conductor industry analyst and ceo of future horizons. thank you for being with us. talk to me, first of all, but these figures. not as great as expected, but given what is happening in the industry, a good performance? the what is happening in the industry, a good performance? good performance? the industry is notoriously good performance? the industry is notoriously cyclical, good performance? the industry is notoriously cyclical, it good performance? the industry is notoriously cyclical, it does - good performance? the industry is notoriously cyclical, it does go - notoriously cyclical, it does go through