Semiconductor Manufacturing International (SMI) Raises Q2 Revenue Guidance
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Semiconductor Manufacturing International ("SMIC") (NYSE: SMI) announces an upward revision of Q2 revenue guidance for the three months ended June 30, 2009, which was originally released by the Company in its results for the three months ended March 31, 2009 on April 29, 2009.
"Since the release of our Q2 revenue guidance, we have seen strong growth in our customer orders, exceeding our earlier expectation, due to the robust demand in the China market. Therefore, we are now revising up our Q2 revenue guidance to a quarter-on-quarter increase of 76% to 78%, from the original guidance of an increase of 58% to 62%," said Morning Wu, Acting Chief Financial Officer and Chief Accounting Officer.
There is evidence that the economy is stabilizing but it is far from recovery. It is unclear whether the strong growth in our customer orders seen by the Company for Q2 comes from rushed orders by customers to replenish inventory or is an indication of the beginning of a sustainable recovery of the economy in general. The Company cannot at the moment give, and is not giving, any guidance on Q3 or onwards revenues.[SM]
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