SMIC’s Profit Beats Estimates On Strong Demand for Huawei Phones

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SMIC’s Profit Beats Estimates On Strong Demand for Huawei Phones

Bloomberg02-06

Semiconductor Manufacturing International Corp. posted better-than-expected quarterly profit thanks to robust demand for Huawei Technologies Co.’s marquee smartphones powered by components made by the...

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LSLi
·02-08
Oh no
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Revenue totaled $1.68 billion, the company said Tuesday, versus analysts’ projection of $1.66 billion.As China’s top contract chipmaker, SMIC is capable of making advanced 7-nanometer chips that can power smartphones and laptops, though its technology is still years behind industry leader Taiwan Semiconductor Manufacturing Co.The Chinese chipmaker was instrumental in Huawei’s surprise comeback last year as it produced 7nm processors for the Mate 60 Pro smartphones. With help from SMIC, Huawei was able to return to the 5G handset market after years of US sanctions that restricted its access to advanced chips and stifled its smartphone business.Read: Huawei’s Surprise Comeback Marks New Phase in the Tech Cold WarShipments of Huawei-branded phones surged 36% in the December quarter. The Shenzhen-based company became the No.4 smartphone vendor in China and was the only major brand to gain market share in the past quarter, according to research firm IDC. 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