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Dow Jones Newswires: Chip maker SMIC’s Q2 profit drops, but revenue tops expectations

Semiconductor Manufacturing International Corp.’s
981,
-1.69%

net profit fell in the second quarter amid rising costs, but revenue came in above expectations, the Chinese chip maker said late Thursday.

SMIC reported net profit of $514.3 million for the quarter, down from $687.8 million a year ago.

Revenue rose to $1.90 billion in the second quarter from $1.34 billion, which SMIC said exceeded its expectations.

Third-quarter revenue is expected to be flat or rise up to 2% from the previous quarter, the company said.

Looking ahead, SMIC said it remains confident in its medium- to long-term growth prospects, adding that “what is certain is that the IC [integrated chips] industry’s demand growth and global localization trend, as well as the long-term logic of indigenous manufacturing, remains unchanged,” despite what it called “short-term adjustments.”

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