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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