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TechnologyChina s SMIC raises revenue expectations following strong Q1 as chip shortage boosts demand
Reuters
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A logo of Semiconductor Manufacturing International Corporation (SMIC) is seen at China International Semiconductor Expo (IC China 2020) in Shanghai, China October 14, 2020. REUTERS/Aly Song/File Photo
China s Semiconductor Manufacturing International Corp (SMIC) (0981.HK) said on Friday that demand for chips exceeds supply, and raised its expectations for sales for the first half of the year. Our current capacity could not fulfill customer needs, and products in every market segment faced shortages, Zhao Haijun, co-chief executive of SMIC, said in a company earnings call.
SMIC reported sales of $1.1 billion in Q1 2021, a year-on-year increase of 22%, and gross profit reached $250 million, a 7.1% increase.
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China-based Semiconductor Manufacturing International Corp (SMIC) raised its H1 revenue guidance, after demand for smartphone chips resulted in it beating its forecast for Q1.
CFO Gao Yonggang tipped H1 revenue to reach $2.4 billion, up from a target of $2.1 billion issued in February. In SMIC’s earnings statement, the executive cited positive developments in the semiconductor market, but noted there are still risks and uncertainties related to the company’s placement on a US trade blacklist.
Out of “an abundance of caution”, SMIC won’t provide exact figures for its revised H2 and full year forecasts, he stated.
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China s SMIC raises revenue expectations following strong first quarter as chip shortage boosts demand China s Semiconductor Manufacturing International Corp (SMIC) said on Friday that demand for chips exceeds supply, and raised its expectations for sales for the first half of the year.
FILE PHOTO: A logo of Semiconductor Manufacturing International Corporation (SMIC) is seen at China International Semiconductor Expo (IC China 2020) in Shanghai, China October 14, 2020. REUTERS/Aly Song/File Photo
14 May 2021 10:56AM Share this content
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SHANGHAI: China s Semiconductor Manufacturing International Corp (SMIC) said on Friday that demand for chips exceeds supply, and raised its expectations for sales for the first half of the year.
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