finance.yahoo.com / Yahoo! Finance
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2025-02-11 10:05:40
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2025-02-11 10:05:40Event JSON
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"SMIC reported a profit of $107.6 million in the October-December quarter, missing analysts' estimates. Revenue rose 31.5% to $2.2 billion, driven by its focus on mature-node chips for consumer electronics and home appliances. The company has intensified its focus on advanced manufacturing projects, including Huawei's smartphone chips, as U.S. export controls restrict access to advanced chipmaking technology. SMIC's heavy spending on capacity expansion has squeezed profitability, with its gross margin declining to around 20% in 2023 from over 30% in 2021-2022."
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