Semiconductor Manufacturing International Corp (SMIC), China’s top contract chip maker, posted its biggest drop in quarterly revenue in over a decade, reflecting sluggish recovery in global chip demand, reports the South China Morning Post.
During the three months ended March 31, sales at SMIC dropped 20.6% year on year to $1.46 billion, beating the median estimate of $1.44 billion by 14 analysts surveyed by Bloomberg.
Quarterly profits fell by 53.1% year on year to $267 million, higher than the consensus estimate of $186.6 million, the Hong Kong-listed foundry reported on Thursday.
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