Chinese chip foundry Semiconductor Manufacturing International Corp (SMIC) on Thursday warned of a weak 2023 despite record high sales last year, as slowing demand for electronics placed pressure on its business.
The company's growth may be peaking, however, with demand for consumer electronics waning as the pandemic subsided.
Net income last year hit $1.82 billion, a 6% year-on-year increase, while sales in the final quarter of 2022 hit $1.62 billion, about 2% year-on-year and marginally below analyst expectations. The company remains generations behind rivals in leading-edge technology and has been in Washington's crosshairs in recent years amid an ongoing spat with Beijing over chip technology.
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