Semiconductor Manufacturing International Corp. (HKG:0981, SHA:688981) attributable profit soared 162% to $188 million in the first quarter from $71.8 million in the year-ago period, according to a Thursday filing with the Hong Kong bourse.
Earnings per share at the semiconductor maker doubled to $0.02 from $0.01 in the prior-year period. Analysts at Visible Alpha estimated EPS at $0.03.
Revenue grew 28% to $2.25 billion from $1.75 billion. Visible Alpha analysts forecast revenue at $2.36 billion.
Meanwhile, SMIC expects second-quarter revenue to fall 4% to 6% from the first quarter, while gross margin is seen to range 18% to 20%, the filing said.
Shares fell 7% in Hong Kong and 4% in Shanghai during late morning trading on Friday.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.