Integrated circuit foundry and technology services provider Semiconductor Manufacturing International Corp. (SMI) on Monday raised its revenue outlook for the second quarter on a sequential basis, citing stronger-than-expected growth in customer orders due to the robust demand in the China market.
The Shanghai, China-based company now forecasts revenue increase of 76% - 78% for the second quarter on a sequential basis, up from the prior guidance of an increase of 58% - 62%. In the year-ago quarter, the company's revenues decreased to US$342.92 million from US$374.83 million.
In the sequentially preceding quarter, revenues plunged 59.6% to $146.5 million from last year.
Semiconductor Manufacturing International indicated that it was uncertain whether the strong growth in customer orders for the second quarter stems from rushed orders by customers to fill inventory or is an indication of the start of a sustainable recovery of the economy in general. The company, however, said it cannot at the moment give, and is not giving, any guidance on the third quarter or onwards revenues.
SMI closed Friday's trading at US$2.35 on the NYSE.
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