TSMC Rival SMIC Reports Significant 80% Profit Drop In Q3 Earnings Amid Weak Global Demand
Portfolio Pulse from Benzinga Neuro
Semiconductor Manufacturing International Co. (SMIC), China's largest chipmaker, reported an 80% drop in Q3 profits due to weak global demand. The company's Q3 revenue was $1.62 billion, a 15% decrease YoY. SMIC has been struggling with US sanctions limiting China's chipmaking technology and exports. Despite the downturn, SMIC expects a 1-3% revenue increase in Q4.
November 10, 2023 | 11:31 am
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TSMC, a competitor of SMIC, may also be affected by the weak global demand for chips.
The weak global demand for chips that led to SMIC's significant profit drop could also affect other companies in the semiconductor industry, including TSMC. However, the specific impact on TSMC is not detailed in the article.
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