China chipmaker SMIC beats Q2 estimates despite steep profit fall

BEIJING: Semiconductor Manufacturing International Corp reported a 59.1% fall in second-quarter net profit on Thursday though the result from China’s largest chip foundry beat expectations.

SMIC reported $164.6 million in unaudited profit attributable to owners for the three months to June 30, topping the $103.8 million expected by analysts polled by LSEG, while revenue rose by 21.8% to $1.9 billion, also beating forecasts.