SMIC Q2 profit down 25%

Author: EIS Release Date: Aug 19, 2022

SMIC’s Q2 profit of $514 million was down 25% y-o-y thanks to a slow-down at its fabs due to Covid.

 

Q2 revenue was up 42% y-o-y at $1.9 billion boosted by sales for chips for smart home applications.

 

Q2 capacity utilisation dropped to 97% from more than 100% in Q2 2021.

 

Q2 capex was $1.6 billion and H1 capex was $2.5 billion.

 

Capital expenditures topped $1.6 billion for the April-June quarter and totalled $2.5 billion for the first half of 2022. 

 

Total planned 2022 capex is $5 billion.

 

SMIC’s forecast stated that the industry’s “cycle adjustment will last at least until the first half of next year.”