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SMIC Q1 net profit misses estimates as expenses surge
SMIC reports Q1 revenue of $2.5B, up 11.5% year-on-year, while net profit of $197.4M missed estimates as operating expenses rose 30%.
Sherry Qin / Wall Street Journal: SMIC reports Q1 revenue up 11.5% YoY to ~$2.5B and net profit up 5% YoY to ~$197.4M, below $223.6M est., weighed down by higher operating expenses, up 30% YoY — It sees scope for momentum to pick up in the second quarter — SMIC, China's biggest chip foundry, reported weaker …
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