SMIC Q1 Profit Rises 5 Percent Missing Estimates
SMIC reported a first-quarter profit of 197.4 million dollars representing a 5 percent increase from the previous year. While revenue met expectations at 2.5 billion dollars the company missed analyst profit forecasts despite expressing optimism for future operations.
Semiconductor Manufacturing International Corp reported a 5% year-on-year increase in first-quarter profit to $197.4 million, missing analyst expectations. The result fell short of the $215.2 million estimate projected by LSEG data. The miss highlights the margin pressures facing China's largest contract chipmaker despite a recovery in global semiconductor demand.
### Revenue Meets Targets Amid Robust Demand Revenue for the quarter rose 11.5% to $2.5 billion, matching LSEG analyst forecasts exactly. SMIC reported in a stock filing that customer demand remains robust, supported by a healthy backlog of existing orders. SMIC indicated it has become more optimistic regarding its overall operations for the year compared to the quarter ending in December.
