China's largest chipmaker SMIC posts a 80% drop in third-quarter profit
Publishing timestamp: 2023-11-09 23:12:06
Summary
China's largest chipmaker, SMIC, reported an 80% drop in third-quarter profit due to global demand weakness and an ongoing slump in demand for certain chips. The company's revenue and net income were below analysts' expectations. SMIC is seen as a key player in China's ambitions to boost its domestic semiconductor industry, but it faces challenges from U.S. sanctions and competition from rivals like TSMC and Samsung. Despite the difficulties, SMIC expects a slight increase in revenue for the fourth quarter.
Sentiment: NEGATIVE
Tickers: UNDEFINED, 981-HK, 2330-TW,
Keywords: semiconductor manufacturing international corp, breaking news: technology, business news, earnings, technology,
Source: https://www.cnbc.com/2023/11/10/chinas-smic-posts-a-80percent-drop-in-third-quarter-profit.html