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SMIC profit more than triples on AI-driven chip demand.

companies :: 5hrs ago :: source - reuters

By Che Pan and Eduardo Baptista

(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)


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