[China] SMIC says Q2 sales better than expected


Chinese chip foundry Semiconductor Manufacturing International Corp. (SMIC) Monday (July 23) increased its second quarter sales and gross margin forecast, citing improved business.


SMIC (Shanghai) said it now expects sales for the quarter ended June 30 to be between $415.9 million and $419.2 million, up 25 to 26 percent compared with the first quarter. SMIC had earlier forecast that sales would increase 19 to 21 percent compared with the first quarter.


SMIC raised its gross margin guidance for the quarter to between 23 and 24 percent, up from 19 to 22 percent.


"Since the release of our original guidance, we have seen improvement on business from our customers, exceeding our earlier expectations," said Gareth Kung, SMIC's chief financial officer, in a statement.


Source: EETimes