Semiconductor Manufacturing International Corporation (SMIC), China’s largest contract chipmaker, experienced a 38.4% year-on-year decline in its fourth-quarter profit for 2024.

The company’s net profit for the October-December period was US$107.6 million, falling short of analysts’ predictions of US$193.45 million, according to data from LSEG.

SMIC’s revenue for the quarter rose by 31.5% to US$2.2 billion, exceeding market expectations of US$2.18 billion.

Advanced manufacturing, such as chips for Huawei smartphones, contributes minimally to its revenue.

Recent SMIC developments