By Che Pan and Eduardo Baptista BEIJING, Aug 13 (Reuters) – China’s largest contract chipmaker, Semiconductor Manufacturing International Corp , reported on Thursday second-quarter profit more than tripled from a year earlier, beating analyst estimates, as demand for AI-related chips remained robust. Profit attributable to shareholders came in at $479.2 million, nearly double the average […]
Business
SMIC profit more than triples on AI-driven chip demand
Audio By Carbonatix
By Che Pan and Eduardo Baptista
BEIJING, Aug 13 (Reuters) – China’s largest contract chipmaker, Semiconductor Manufacturing International Corp , reported on Thursday second-quarter profit more than tripled from a year earlier, beating analyst estimates, as demand for AI-related chips remained robust.
Profit attributable to shareholders came in at $479.2 million, nearly double the average analyst estimate of $253.4 million compiled by LSEG.
Revenue rose 36% to more than $3 billion, topping the $2.8 billion analysts had forecast, LSEG data showed.
SMIC said in a stock exchange filing that AI would continue to drive robust chip demand in the second half of the year, adding that it would adjust existing capacity and accelerate the ramp-up of new production lines to help ease industry-wide supply constraints.
(Reporting by Che Pan and Eduardo Baptista; Editing by Toby Chopra)