China’s SMIC posts quarterly revenue surge but warns of some panic in chip sector

SHANGHAI: Chinese chip maker Semiconductor Manufacturing International Corp (SMIC) on Friday reported a 42% jump in second-quarter revenue but also said the sector was facing some “panic and uncertainty”.

A slowdown in demand for smartphones in particular has driven down prices for certain chips, co-CEO Zhao Haijun told investors on an earnings call.

His remarks echo comments from other chip companies which have warned that a weakening global economy and a re-balancing of supply and demand might soon lead to a glut for some types of semiconductors.