China's SMIC Q4 profit slumps 38.4 percent, misses estimates despite revenue growth

Photo by Reuters
Photo by Reuters

Semiconductor Manufacturing International (0981), China's largest contract chipmaker, reported a 38.4 percent year-on-year fall in fourth-quarter profit.

Profit attributable to owners of SMIC reached US$107.6 million (HK$839.3 million) in the October-December quarter, compared with analysts' estimate of US$193.45 million, according to LSEG data.

Revenue rose 31.5 percent to US$2.2 billion, compared to market expectations of US$2.18 billion, according to LSEG.

REUTERS