Semiconductor Manufacturing International Corp (SMIC), China’s largest contract chipmaker, has reported a significant increase in profit, with a more than tripled profit in the second quarter compared to the same period last year.
The company’s profit attributable to shareholders came in at $479.2 million, nearly double the average analyst estimate of $253.4 million compiled by LSEG. Revenue rose 36% to more than $3 billion, topping the $2.8 billion analysts had forecast, LSEG data showed.
SMIC said in a stock exchange filing that AI would continue to drive robust chip demand in the second half of the year, adding that it would adjust existing capacity and accelerate the ramp-up of new production lines to help ease industry-wide supply constraints.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
