China’s SMIC Misses Profit and Revenue Forecasts

(Bloomberg) — Semiconductor Manufacturing International Corp.’s quarterly revenue fell for a third straight quarter, reflecting the impact of a global smartphone slump and a broadening U.S. campaign to curb China’s technology sector.

The Shanghai company, known as SMIC, reported a 15% decline in revenue to $1.62 billion, missing an average projection by analysts of $1.64 billion. Net income fell 80% to $94 million, compared with estimates for $178.1 million. The numbers missed expectations despite hopes that the surprise popularity of a new range of Huawei Technologies Co. 5G smartphones would help offset lost sales.