SMIC reports 5% growth in first-quarter profit, missing forecast
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A logo of Semiconductor Manufacturing International Corporation (SMIC) is seen at China International Semiconductor Expo (IC China 2020) in Shanghai, China October 14, 2020. REUTERS/Aly Song
BEIJING, May 14 (Reuters) - Semiconductor Manufacturing International Corp，China's largest contract chipmaker, on Thursday reported a 5% year-on-year increase in first-quarter profit.
Profit attributable to owners of SMIC reached $197.4 million in the quarter, missing analysts' estimates of $215.2 million, according to LSEG data.
Revenue rose 11.5% to $2.5 billion, in line with analysts' expectations of $2.5 billion, according to LSEG.
SMIC said in a stock filing that it has become more "optimistic" in its overall operations this year compared to the December quarter given robust customer demand and existing orders.
(Reporting by Che Pan and Laurie Chen; Editing by Joe Bavier)
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