SMIC Reports Q2 Earnings Surge, Boosting Semiconductor Sector Stocks
SMIC's Q2 revenue rose 36.1% year-over-year to $3.01 billion, with net profit increasing 261.7% to $479.2 million. This growth reflects enhanced demand and industry momentum surrounding AI, positively affecting Asian semiconductor stocks.
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Semiconductor Manufacturing International Corp (SMIC) reported a 36.1% year-over-year increase in revenue for Q2, totaling $3.01 billion, alongside a net profit rise of 261.7% to $479.2 million. SMIC's shares in Hong Kong surged by 6.4% to 71.9 HK$ following these results.
The gross margin improved to 25.3%, up from 20.4% the previous year, driven by higher average selling prices and a favorable product mix. Additionally, wafer shipments grew by 20.1%, and capacity utilization increased to 93.7%.
SMIC expects Q3 revenue to rise by 2% to 4%, anticipating a gross margin of 26% to 28%. The positive outlook is further supported by AI-related industrial momentum, influencing demand across the semiconductor sector.
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