Semiconductor Manufacturing International Corp. reported that its profit attributable to owners of the company for the fiscal year 2023 was $902.5 million, a decrease of 50.4% from 2022. The decline in profit primarily stemmed from several factors: the semiconductor industry experienced a downturn over the past year, global market demand was subdued, and industry inventories remained high due to a slowdown in destocking.
Annual revenue was $6.32 billion, compared to $7.27 billion in prior year.
Looking ahead for the first quarter, the company expects revenue to be flat to up 2% sequentially. Gross margin is expected to be in the range of 9% to 11%.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.