Semiconductor Manufacturing Worldwide Corp, China’s nationwide chip champion, warned on Friday that any market restoration could be slower than anticipated on account of a cloudy financial outlook and geopolitical tensions.
Zhao Haijun, co-chief govt, stated SMIC had anticipated a greater restoration after the lifting of Covid-19 curbs within the March quarter, however the state of affairs within the coming 12 months appeared “much less optimistic”.
The chipmaker’s second-quarter income was $1.56bn, up 7 per cent quarter-on-quarter however down 18 per cent in comparison with the identical interval final 12 months, narrowly beating the estimates of analysts polled by Refinitiv.
Internet revenue was $402.8mn, down 22 per cent year-on-year, forward of expectation of $84.2mn.
