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SMIC Shares Drop 4.34% Despite Strong Q2 Revenue Growth
SMIC Shares Drop 4.34% Despite Strong Q2 Revenue Growth
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BTCCSquare news:
Semiconductor Manufacturing International Corporation (SMIC), China's largest chipmaker, saw its shares fall 4.34% to ¥86.66 despite reporting a 16.2% year-on-year revenue increase in Q2. The company's net profit declined 19.5% to $132.5 million, attributed to rising production costs and supply chain pressures.
SMIC remains insulated from potential US trade policies, with 84% of its sales now coming from the Chinese market. The company downplayed the impact of proposed US tariffs, emphasizing its reliance on domestic demand. Q3 growth is projected at 5%-7%, driven by higher shipments and increased average selling prices.
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