diff --git a/src/compiler/tsbuild.ts b/src/compiler/tsbuild.ts
index aea85d1fb17..1924be4df89 100644
--- a/src/compiler/tsbuild.ts
+++ b/src/compiler/tsbuild.ts
@@ -1788,31 +1788,25 @@ namespace ts {
 
         let reportQueue = true;
         let successfulProjects = 0;
-        let errorProjects = 0;
         while (true) {
             const invalidatedProject = getNextInvalidatedProject(state, buildOrder, reportQueue);
             if (!invalidatedProject) break;
             reportQueue = false;
             invalidatedProject.done(cancellationToken);
-            if (state.diagnostics.has(invalidatedProject.projectPath)) {
-                errorProjects++;
-            }
-            else {
-                successfulProjects++;
-            }
+            if (!state.diagnostics.has(invalidatedProject.projectPath)) successfulProjects++;
         }
 
         disableCache(state);
         reportErrorSummary(state, buildOrder);
         startWatching(state, buildOrder);
 
-        return isCircularBuildOrder(buildOrder) ?
-            ExitStatus.ProjectReferenceCycle_OutputsSkupped :
-            errorProjects ?
-                successfulProjects ?
-                    ExitStatus.DiagnosticsPresent_OutputsGenerated :
-                    ExitStatus.DiagnosticsPresent_OutputsSkipped :
-                ExitStatus.Success;
+        return isCircularBuildOrder(buildOrder)
+            ? ExitStatus.ProjectReferenceCycle_OutputsSkipped
+            : !buildOrder.some(p => state.diagnostics.has(toResolvedConfigFilePath(state, p)))
+                ? ExitStatus.Success
+                : successfulProjects
+                    ? ExitStatus.DiagnosticsPresent_OutputsGenerated
+                    : ExitStatus.DiagnosticsPresent_OutputsSkipped;
     }
 
     function clean(state: SolutionBuilderState, project?: string, onlyReferences?: boolean) {
@@ -1821,7 +1815,7 @@ namespace ts {
 
         if (isCircularBuildOrder(buildOrder)) {
             reportErrors(state, buildOrder.circularDiagnostics);
-            return ExitStatus.ProjectReferenceCycle_OutputsSkupped;
+            return ExitStatus.ProjectReferenceCycle_OutputsSkipped;
         }
 
         const { options, host } = state;
diff --git a/src/compiler/types.ts b/src/compiler/types.ts
index 5615568bb1f..b444eda7844 100644
--- a/src/compiler/types.ts
+++ b/src/compiler/types.ts
@@ -3261,6 +3261,9 @@ namespace ts {
         InvalidProject_OutputsSkipped = 3,
 
         // When build is skipped because project references form cycle
+        ProjectReferenceCycle_OutputsSkipped = 4,
+
+        /** @deprecated Use ProjectReferenceCycle_OutputsSkipped instead. */
         ProjectReferenceCycle_OutputsSkupped = 4,
     }
 
diff --git a/src/testRunner/tsconfig.json b/src/testRunner/tsconfig.json
index 295fe93f031..6eec3a90221 100644
--- a/src/testRunner/tsconfig.json
+++ b/src/testRunner/tsconfig.json
@@ -99,6 +99,7 @@
         "unittests/tsbuild/demo.ts",
         "unittests/tsbuild/emitDeclarationOnly.ts",
         "unittests/tsbuild/emptyFiles.ts",
+        "unittests/tsbuild/exitCodeOnBogusFile.ts",
         "unittests/tsbuild/graphOrdering.ts",
         "unittests/tsbuild/inferredTypeFromTransitiveModule.ts",
         "unittests/tsbuild/javascriptProjectEmit.ts",
diff --git a/src/testRunner/unittests/tsbuild/demo.ts b/src/testRunner/unittests/tsbuild/demo.ts
index c8a597368ff..c6055549485 100644
--- a/src/testRunner/unittests/tsbuild/demo.ts
+++ b/src/testRunner/unittests/tsbuild/demo.ts
@@ -88,7 +88,7 @@ namespace ts {
     }
   ]`
                 ),
-                expectedExitStatus: ExitStatus.ProjectReferenceCycle_OutputsSkupped,
+                expectedExitStatus: ExitStatus.ProjectReferenceCycle_OutputsSkipped,
                 expectedDiagnostics: () => [
                     getExpectedDiagnosticForProjectsInBuild("src/animals/tsconfig.json", "src/zoo/tsconfig.json", "src/core/tsconfig.json", "src/tsconfig.json"),
                     errorDiagnostic([
diff --git a/src/testRunner/unittests/tsbuild/exitCodeOnBogusFile.ts b/src/testRunner/unittests/tsbuild/exitCodeOnBogusFile.ts
new file mode 100644
index 00000000000..09821d76e5e
--- /dev/null
+++ b/src/testRunner/unittests/tsbuild/exitCodeOnBogusFile.ts
@@ -0,0 +1,11 @@
+namespace ts {
+    // https://github.com/microsoft/TypeScript/issues/33849
+    describe("unittests:: tsbuild:: exitCodeOnBogusFile:: test exit code", () => {
+        verifyTsc({
+            scenario: "exitCodeOnBogusFile",
+            subScenario: `test exit code`,
+            fs: () => loadProjectFromFiles({}, symbolLibContent),
+            commandLineArgs: ["-b", "bogus.json"]
+        });
+    });
+}
diff --git a/tests/baselines/reference/api/tsserverlibrary.d.ts b/tests/baselines/reference/api/tsserverlibrary.d.ts
index e79ddd53445..2649699aa04 100644
--- a/tests/baselines/reference/api/tsserverlibrary.d.ts
+++ b/tests/baselines/reference/api/tsserverlibrary.d.ts
@@ -1964,6 +1964,8 @@ declare namespace ts {
         DiagnosticsPresent_OutputsSkipped = 1,
         DiagnosticsPresent_OutputsGenerated = 2,
         InvalidProject_OutputsSkipped = 3,
+        ProjectReferenceCycle_OutputsSkipped = 4,
+        /** @deprecated Use ProjectReferenceCycle_OutputsSkipped instead. */
         ProjectReferenceCycle_OutputsSkupped = 4
     }
     export interface EmitResult {
diff --git a/tests/baselines/reference/api/typescript.d.ts b/tests/baselines/reference/api/typescript.d.ts
index cac4c281dd1..9d1ffdf5e57 100644
--- a/tests/baselines/reference/api/typescript.d.ts
+++ b/tests/baselines/reference/api/typescript.d.ts
@@ -1964,6 +1964,8 @@ declare namespace ts {
         DiagnosticsPresent_OutputsSkipped = 1,
         DiagnosticsPresent_OutputsGenerated = 2,
         InvalidProject_OutputsSkipped = 3,
+        ProjectReferenceCycle_OutputsSkipped = 4,
+        /** @deprecated Use ProjectReferenceCycle_OutputsSkipped instead. */
         ProjectReferenceCycle_OutputsSkupped = 4
     }
     export interface EmitResult {
diff --git a/tests/baselines/reference/tsbuild/exitCodeOnBogusFile/initial-build/test-exit-code.js b/tests/baselines/reference/tsbuild/exitCodeOnBogusFile/initial-build/test-exit-code.js
new file mode 100644
index 00000000000..5009763f757
--- /dev/null
+++ b/tests/baselines/reference/tsbuild/exitCodeOnBogusFile/initial-build/test-exit-code.js
@@ -0,0 +1,6 @@
+//// [/lib/initial-buildOutput.txt]
+/lib/tsc -b bogus.json
+error TS6053: File '/bogus.json' not found.
+exitCode:: 1
+
+