In its latest earnings report, the company revealed that profit attributable to its owners surged to $191.75 million for the September quarter, surpassing analyst forecasts of $178.88 million, according to data from LSEG. This robust growth underscores SMIC's resilience despite ongoing global challenges in the semiconductor industry.
The company also saw a rise in revenue, which climbed 9.7% to $2.38 billion for the quarter, surpassing analysts' expectations of $2.345 billion. This uptick in both profit and revenue suggests that SMIC has successfully navigated market headwinds, positioning itself well in the highly competitive chip manufacturing sector.
As the world continues to grapple with supply chain disruptions and geopolitical tensions, SMIC's positive results reflect strong demand for its advanced semiconductor products, especially in the automotive and consumer electronics sectors. The performance also highlights the company's ongoing efforts to expand its technological capabilities and production capacity amidst increasing global reliance on chips for everything from smartphones to electric vehicles.
SMIC's better-than-expected earnings offer a glimpse of optimism for the broader semiconductor industry, which is slowly recovering from the pandemic-induced supply shortages and a slowdown in demand earlier this year.