Market Chatter: SMIC Co-CEO Downplays Tariff Impacts on Operations Amid Q2 Earnings Drop

MT Newswires Live08-08

Semiconductor Manufacturing International (HKG:0981, SHA:688981) executives said US tariffs have not impacted their operations as feared, Reuters reported Friday.

The Chinese foundry is expecting a smaller impact from the tariffs due to contingencies formulated after the April tariffs, according to Reuters, citing remarks by co-chief executive officer Zhao Haijun in an earnings call the same day.

Customers have either stocked up or found other suppliers, the report said, citing Zhao.

The US Commerce Department blacklisted SMIC in 2020.

SMIC's second-quarter profit fell 20% year over year to $132.5 million, while revenue jumped 16% year over year to $2.21 billion.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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