SMIC Reports Q1 2023 Results, Revenue and Profits Down

[erek]

"First Quarter 2023 Highlights

• Revenue was $1,462.3 million in 1Q23, compared to $1,621.3 million in 4Q22, and $1,841.9 million in 1Q22.
• Gross profit was $304.7 million in 1Q23, compared to $518.7 million in 4Q22, and $750.3 million in 1Q22.
• Gross margin was 20.8% in 1Q23, compared to 32.0% in 4Q22 and 40.7% in 1Q22.
• The following statements are forward looking statements based on current expectations and involved risks and uncertainties.

Second Quarter 2023 Guidance

The Company expects (in accordance with IFRS):

• Revenue to increase by 5% to 7% QoQ.
• Gross margin to range from 19% to 21%."

Source: https://www.techpowerup.com/308526/smic-reports-q1-2023-results-revenue-and-profits-down