Top China Chipmaker Defies U.S. Sanctions With Earnings Beat

(Bloomberg) — Semiconductor Manufacturing International Corp.’s net income beat analysts’ estimates after advances in technology helped cushion the impact of U.S. sanctions.

China’s largest chipmaker posted net income of $514.3 million in the second quarter, surpassing the $469.5 million average estimate, the company said in a statement. It reported revenue of $1.9 billion.