SMIC’s Profit Beats Estimates on Strong Demand for Huawei Phones

(Bloomberg) — Semiconductor Manufacturing International Corp. posted a better-than-expected quarterly profit thanks to robust demand for Huawei Technologies Co. Ltd.’s marquee smartphones powered by components made by the Shanghai-based chipmaker.

Net income reached $174.7 million in the three months ending in December, compared with the average analyst estimate of $139.1 million. Revenue totaled $1.68 billion, the company said Tuesday, versus analysts’ projection of $1.66 billion.