Semiconductor Revenue Climbs For SMIC In Shanghai
Shanghai-based Semiconductor Manufacturing International Corporation announced its consolidated results of operations for the three months ended June 30, 2010, and stated its quarter-over-quarter revenue was up by 8.4% to USD381.1 million.
The company's second quarter revenue was a jump from USD351.7 million in the first quarter of 2010 and up by 42.5% compared to the second quarter of 2009. Gross margins improved to 15.6% in the second quarter compared to 14.6% in the first quarter of 2010.
Net cash flow from operations increased to USD167.5 million in the second quarter from USD153.3 million in the previous quarter. For the third quarter of 2010, the company stated its revenue is expected to range from a 4% to 6% increase.
Dr. David NK Wang, president and CEO of SMIC stated: "We've witnessed overall improvement this quarter, and believe we are on course to profitability. With the world's highest GDP growth, China's market is playing a progressively greater part in the overall demand for IC's and playing an increasingly key role in SMIC's future success. Driven by China's maturing fabless companies, our China revenue has grown 27.4% quarter-over-quarter. As Chinese fabless companies continue to grow stronger and stronger, SMIC has positioned itself to become the preferred foundry. North American customers continue to contribute more than half of our revenue, and we are working to build up the relationships through improved operations, technology and service."