Reuters
@ReutersSMIC sees Chinese chip market stabilising as profits slump https://t.co/cyhyIlQY2i https://t.co/trrTlJ6i28
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SMIC's Quarterly Revenue Declines for Third Time Despite Huawei's Support, Profits Plunge 80%, Sees Stabilising Chip Market Amid Stock Value Fall
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SMIC, China's premier chipmaker, is facing a third consecutive quarterly revenue drop, with a drastic 80% decline in profits. The downturn is linked to a global smartphone slump and an escalated U.S. campaign to restrict China's tech sector. Despite Huawei's support, SMIC's sales have not met expectations, reflecting the challenging market conditions. However, SMIC sees the Chinese chip market stabilising, even as its stock value takes a hit.
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Tech2
@tech2eets#FPTech: #China’s largest chipmaker #SMIC’s quarterly profit, stock value fall off a cliff despite #Huawei's boost
https://t.co/v52w4JIhDW
CNBC
@CNBCChina's largest chipmaker SMIC posts a 80% drop in third-quarter profit https://t.co/abX9M0Whk3
Story Timeline
•Latest version
Li Auto Inc. Reports Strong Revenue as China's Largest Chipmaker SMIC Faces 80% Profit Decline
China's Top Chipmaker SMIC Reports Third Consecutive Quarterly Revenue Decline, Misses Huawei Boost, 80% Profit Drop
•Original version
SMIC's Quarterly Revenue Declines for Third Time Despite Huawei's Support, Profits Plunge 80%, Sees Stabilising Chip Market Amid Stock Value Fall