Chipmaker SMIC reports 161% surge in first quarter profit
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FILE PHOTO: A logo of Semiconductor Manufacturing International Corporation (SMIC) is seen at China International Semiconductor Expo in Shanghai, China October 14, 2020. REUTERS/Aly Song/File photo
By Che Pan and Brenda Goh
BEIJING (Reuters) -Semiconductor Manufacturing International Corp，China's largest contract chip maker, reported on Thursday a 161.9% year-on-year surge in first-quarter profit.
Profit attributable to owners of SMIC reached $188 million in the March quarter, but missed analysts' estimate of $222.4 million, according to LSEG data.
Revenue rose 28.4% to $2.2 billion, compared to market expectations of $2.3 billion, according to LSEG.
(Reporting by Che Pan and Brenda Goh; Editing by Susan Fenton)
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