TAIPEI (Taiwan News) — Taiwan Semiconductor Manufacturing Company (TSMC) on Wednesday (Oct. 26) rebutted rumors it is asking its employees to take leave amid concerns of a decline in demand.

In a rare video message, CEO C.C. Wei (魏哲家) recently encouraged workers not responsible for advanced 3nm chip production to take some leave and spend time with their families. The recording has been interpreted as reflecting lackluster demand prospects, per CNA.

To assuage the worries, the world’s largest contract chipmaker said in a statement that the message was simply meant to express Wei’s gratitude for the hard-working employees and ask them to “rest and recharge” before returning to their posts. There are no plans for forced leaves or furloughs, it stressed.

TSMC said the forecast of its revenue and earnings for the fourth quarter remains unchanged and reiterated growth is expected for 2023. The semiconductor supply chain is complex and Taiwan boasts one of the world’s most resilient, which enables the company to provide manufacturing capacity with maximum efficiency at the lowest cost, it added.

TSMC posted a revenue of US$20.23 billion (NT$649.27 billion) for the third quarter, representing a 35.9% year-on-year increase. For Q4, the company forecast revenue between US$19.9 billion and US$20.7 billion, up from US$15.74 billion a year earlier.