SHANGHAI :Chinese chip foundry Semiconductor Manufacturing International Corp (SMIC) on Thursday warned of a weak 2023 despite record high sales last year, as slowing demand for electronics placed pressure on its business.Backed by funding from Beijing, SMIC is China's best hope for becoming a global leader i
SHANGHAI :Chinese chip foundry Semiconductor Manufacturing International Corp on Thursday warned of a weak 2023 despite record high sales last year, as slowing demand for electronics placed pressure on its business.
SMIC has seen sales surge over the past two years, as global demand for low-end chips rocketed in the wake of the COVID-19 pandemic and a global chip shortage. The company's growth may be peaking, however, with demand for consumer electronics waning as the pandemic subsided. Net income last year hit $1.82 billion, a 6 per cent year-on-year increase, while sales in the final quarter of 2022 hit $1.62 billion, about 2 per cent year-on-year and marginally below analyst expectations.
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