Summary by Moomoo AI
SME announced unaudited financial results for the fourth quarter of 2023, showing that sales revenue increased slightly to $1,678.3 million compared to the previous quarter, but full-year revenue fell 13% to $6,321.6 million compared to 2022. Gross profit for the fourth quarter was $275.0 million, and the gross profit margin decreased to 16.4% and the full-year gross profit margin was 19.3%. The company's retained earnings attributable to its parent owners declined 50.4% year-over-year to $902.5 million. The decline was driven by weak global market demand and intense competition from peers. The company expects revenue in the first quarter of 2024 to grow at 2%, with a gross margin of 9% to 11%. SMIC will hold an online results conference on 7 February 2024 with an online replay.