Stock Track | Shanghai Fudan Microelectronics Plunges on 61% Q3 Profit Slump

Stock Track11-01

Shares of Shanghai Fudan Microelectronics Group Co., Ltd. tumbled around 5% on Thursday, November 1st, after the semiconductor company reported a steep decline in its third-quarter earnings.

According to a filing with the Hong Kong Stock Exchange, Shanghai Fudan's attributable profit plunged 61% year-over-year to 79.1 million yuan ($11.1 million) in Q3. Earnings per share fell 58% from a year earlier to 0.10 yuan.

The disappointing results sent the company's share price down around 4% on the Shanghai Stock Exchange and 3% in Hong Kong trading. Operating income also slipped 5.6% compared to the same period last year, coming in at 889.6 million yuan.

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