SMIC reports 19.5% drop in Q2 profit amid market challenges

Semiconductor Manufacturing International Corporation (SMIC), China’s largest contract chipmaker, announced a 19.5% year-on-year decline in its second-quarter profit.

The company reported a net profit of $132.5 million for the quarter ending in June, falling short of analyst expectations, which had forecasted $183.35 million, News.Az reports, citing Reuters.

The results highlight ongoing pressures in the global semiconductor industry, impacted by supply chain disruptions and geopolitical tensions. Despite these challenges, SMIC remains a key player in China’s ambitions to boost its domestic chip manufacturing capabilities.

 

News.Az