SMIC Reports 2024 Third Quarter Results

[Nomad76]

Semiconductor Manufacturing International Corporation (SMIC), one of the leading semiconductor foundries in the world, today announced its consolidated results of operations for the three months ended September 30, 2024.

Third Quarter 2024 Highlights

• Revenue was $2,171.2 million in 3Q24, compared to $1,901.3 million in 2Q24, and $1,620.6 million in 3Q23.
• Gross profit was $444.2 million in 3Q24, compared to $265.1 million in 2Q24, and $321.6 million in 3Q23.
• Gross margin was 20.5% in 3Q24, compared to 13.9% in 2Q24 and 19.8% in 3Q23.

Fourth Quarter 2024 Guidance
The Company expects (in accordance with IFRSs):

• Revenue to be flat to up 2% QoQ.
• Gross margin to range from 18% to 20%.

The Management Comments
The Company's revenue in the third quarter increased by 14% sequentially to $2.17 billion, a record high, reaching the milestone of $2 billion in a single quarter for the first time. Meanwhile, 12-inch monthly capacity increased by 21 thousand wafers, which further improved the product mix and increased the blended ASP. The overall utilization rate increased to 90.4% and gross margin increased to 20.5%.

In the fourth quarter, the Company's guidance is: revenue is expected to be flat to up 2% sequentially, gross margin is expected to be in the range of 18% to 20%.



The Company will strengthen our confidence in development, maintain our strategic focus, stabilize our market share and consolidate our position in the industry.

View at TechPowerUp Main Site | Source

 

[AnotherReader]

SMIC seems to be doing well despite the sanctions.

 

[Nomad76]

SMIC seems to be doing well despite the sanctions.

On short terms, yes, however, local market will (might) not be enough for SMIC to grow

Zhao indicated that current oversupply conditions would lead SMIC to take a more cautious approach toward capacity expansion.
"We have not announced any new projects, and we are not currently discussing any new ones," Zhao said, marking a potential shift in strategy for China's largest contract chipmaker. - via Reuters

 

[thesmokingman]

There isn't a salt crystal big enough...

 

[slightofhand]

I won't believe much at all of any financial claims made by SMIC... Ernst & Young quit SMIC

 

[pcminirace]

It is a market of 1,000,000,000 people, not counting children and the elderly.

 

[Nomad76]

I won't believe much at all of any financial claims made by SMIC... Ernst & Young quit SMIC

Different companies:
SMCI (Super Micro Computer Inc.), the one you mentioned, btw, we covered that subject here
vs
SMIC (Semiconductor Manufacturing International Corporation)