“China’s largest chipmaker SMIC posts a 80% drop in third-quarter profit”
November 10, 2023
“China’s largest chipmaker SMIC on Thursday posted a 80% drop in third-quarter profit as global demand weakness hit foundries hard.
Net income for the quarter ended September plunged 80% compared to a year ago — larger than the 64% drop posted in second quarter 2019, according to company figures.
Here are SMIC’s third-quarter results versus LSEG consensus estimates:
- Revenue: $1.621 billion, vs. $1.625 billion expected
- Net income: $93.98 million, vs. $165.1 million expected
SMIC, or Semiconductor Manufacturing International Co., posted revenue of $1.62 billion in the third quarter of the year, down 15% year-on-year. Net income for that period was $93.98 million, far below analysts’ expectations of $165.1 million…”
https://www.cnbc.com/2023/11/10/chinas-smic-posts-a-80percent-drop-in-third-quarter-profit.html
I expect U.S. chip bans to continue to hurt Chinese tech stocks.