SMIC Opens 3.4% Higher as 1Q Net Profit Hikes 5%; Co-CEO Says Price Hikes Agreed for Tight-Supply Products
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SMIC opened 3.4% higher at HKD73.9 following a 5% YoY increase in 1Q net profit to USD197 million and an 11.5% rise in revenue to USD2.51 billion. The company expects 2Q revenue growth of 14-16% QoQ and a gross margin of 20-22%, aided by price hikes for tight-supply products, according to Co-CEO.
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