SMIC Forecasts Tough Competition amidst Quarterly Profit Miss

Friday, 10 May 2024, 04:10

China's largest chipmaker SMIC reported a significant 68.9% drop in net income for the first quarter, falling short of market expectations. The company issued a warning of intense competition in the semiconductor sector, raising concerns about its future performance.
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SMIC Forecasts Tough Competition amidst Quarterly Profit Miss

SMIC Warns of Tough Competition in Semiconductor Industry

China's biggest chipmaker SMIC reported a 68.9% decline in net income for the first quarter, dropping to $71.79 million.

Key Points:

  • Net income plunges, missing expectations.
  • SMIC forecasts 'fierce' competition ahead.
  • Concerns rise about future profitability and market positioning.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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