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Semiconductors

China chip champion SMIC's profit falls 25% on lockdowns

Contract chipmaker logs revenue growth, keeps capex plans unchanged

Semiconductor Manufacturing International Corp. is China's top contract chipmaker.   © Reuters

BEIJING -- Semiconductor Manufacturing International Corp., China's top contract chipmaker, reported a 25% drop in quarterly net profit after its factories slowed for three months during which COVID-19 lockdowns hurt the Chinese economy.

Profit in the April-June quarter fell from the year-ago period to $514 million, the Hong Kong- and Shanghai-listed company said Thursday.

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