Aug 12, 2022 02:20 AM

TECH

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

Semiconductor Manufacturing International Corp. (SMIC) is among a raft of Chinese semiconductor manufacturers contending with steadily tightening U.S. export restrictions

Semiconductor Manufacturing International Corp. (SMIC) is among a raft of Chinese semiconductor manufacturers contending with steadily tightening U.S. export restrictions

(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.

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