Semiconductor Manufacturing International Corporation (SMIC), a leading Chinese semiconductor manufacturer made $1.9 billion in revenue in the second quarter of 2022, with 3.3% quarterly growth and 41.6% yearly growth, beating the consensus estimates of $1.89 billion from Bloomberg, according to its second-quarter earnings report released on Thursday. Net profits were $514.3 million, a 25% yearly decrease, yet a 15% quarterly growth. The firm’s revenue share for the second quarter from smartphones fell from 31.6% to 25.4% in the same period last year, while revenue share for smart home tech grew from 12.4% to 16.3%. Zhao Haijun, CEO of SMIC, said on the earnings call that the slow growth of the global economy and the downside of the semiconductor industry led to “panic and uncertainty” and that some firms on the supply chain even showed a “frozen pause.” He added that the growing demand in the semiconductor industry remains unchanged, despite the short-term adjustments. [SMIC]
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