May 10, 2024 01:34 PM

BUSINESS

SMIC Misses Profit Estimates on Dour Chinese Consumers

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SMIC is critical to China’s ability to produce advanced chips as the U.S. tries to curb its biggest geopolitical rival’s tech advancements. Photo: Bloomberg

SMIC is critical to China’s ability to produce advanced chips as the U.S. tries to curb its biggest geopolitical rival’s tech advancements. Photo: Bloomberg

(Bloomberg) — Semiconductor Manufacturing International Corp. posted a weaker-than-expected quarterly profit due to sluggish macroeconomic conditions in China.

Net income was $71.8 million in the three months ended in March, compared to the average analyst estimate of $76.8 million, according to a company filing on Thursday. Revenue totaled $1.75 billion, versus analysts’ projection of $1.69 billion.

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