China’s SMIC posts a 80% drop in third-quarter profit


BEIJING, CHINA – DECEMBER 04: A logo hangs on the building of the Beijing branch of Semiconductor Manufacturing International Corporation (SMIC) on December 4, 2020 in Beijing, China. (Photo by VCG/VCG via Getty Images)

Vcg | Visual China Group | Getty Images

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…

Source cnbc.com

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