China’s Largest Chipmaker Reports 41.6% YoY Revenue Growth

Semiconductor Manufacturing International Corp. had Q2 revenue of $1.9 billion, up 41.6% year over year and 3.3% more than Q1, reported China’s top chipmaker Thursday. It forecast flat revenue growth sequentially for Q3. Capacity utilization in Q2 was 97.1%, said SMIC, the target of past U.S. export restrictions from the Bureau of Industry and Security (see 2111160033). Due to the limitations on people's movement as a result of the COVID-19 pandemic, “some of the fabs did not conduct annual maintenance in the second quarter, causing the overall impact of the epidemic on output to be lower than expected, thus revenue and gross margin in the quarter slightly exceeded guidance.”