SMIC reports 35% rise in Q3 revenue, lifts capital expenditure plan

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SHANGHAI (Reuters) – Chinese chip foundry Semiconductor Manufacturing International Corp (SMIC) saw revenue rise 34.7% year-on-year to $1.91 billion in the third quarter, according to a market filing published on Thursday.

Gross profit was $742.2 million, up 58.6% year-on-year, and the company revised its capital expenditure plan for the year from $5 billion to $6.6 billion.

It added that it expects revenue for the full year 2022 to be around $7.3 billion, a 34% year-on-year increase.

(Reporting by Josh Horwitz; Editing by Jan Harvey)