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Shares of SMIC Rise 7% on Higher Revenue During "Transition" Period

Shares of SMIC rose 7 percent to $6.46 per ADS Thursday after the company posted its results for the second quarter.

CapitalWatch Staff
    Aug 09, 2018 1:42 PM  PT
Shares of SMIC Rise 7% on Higher Revenue During "Transition" Period

The stock of Semiconductor Manufacturing International Corp. (NYSE: SMI) jumped 7 percent Thursday to $6.37 per American depositary share in New York after the company announced a 19 percent increase in revenue.

SMIC said its revenue for the second three months reached $890.7 million compared with $751.2 million for the same period last year. Profit for the second quarter declined 5 percent year-over-year to $31.7 million, or 5 cents per share.

"SMIC is in a period of transition and preparation," Zhao Haijun and Liang Mong Song, chief executive officers of the company, said in a joint statement Thursday.

"We are making encouraging progress in advancing our technology, building up our technology platforms, and forging partnerships. At the same time, we are on track to grow high-single digits annual revenue as demand and utilizations recovered in the second quarter," they added.

Looking ahead, SMIC said it expects a 4 to 6 percent decline in revenue during the third three months compared with the second quarter.

Based in Shanghai, SMIC is a semiconductor foundry company that provides integrated circuit manufacturing services. Shares of SMIC are traded in both the Hong Kong and New York exchanges.

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Shares of SMIC rose 7 percent to $6.46 per ADS Thursday after the company released its earnings for the second quarter. 

(Source: Thomson Reuters Eikon)

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