SHANGHAI, Jan. 19, 2017 -- Semiconductor Manufacturing International Corporation ("SMIC" or the "Company") (NYSE: SMI; SEHK: 981), one of the leading semiconductor foundries in the world, announces today that it reaffirms its 2016 fourth quarter revenue and gross margin guidance for the three months ended December 31, 2016, which was originally released by the Company in its results for the three months ended September 30, 2016 on November 7, 2016. SMIC narrows its fourth quarter 2016 revenue growth from 5-7% quarter over quarter to 5-6% quarter over quarter, and gross margin range from 28-30% to 29-30%.
Dr. Tzu-Yin Chiu, Chief Executive Officer commented, "Since the release of our third quarter earnings, we have increased clarity on the near-term business environment. Based on current expectation, revenue for the first quarter of 2017 is expected to grow on a year over year basis and decline mildly quarter over quarter. We target an annual revenue growth of around 20% in 2017, outperforming the foundry industry average growth. Furthermore, we maintain our target to grow at 20% compounded annually from 2016 to 2019."
The Company is still in the process of finalizing its results for the three months ended December 31, 2016. The information contained in this press release is only a preliminary assessment by the management of the Company based on the latest unaudited consolidated management accounts of the Company for the three months ended December 31, 2016, which have not been confirmed nor audited by the Company's auditors and may be subject to adjustments.
Shareholders and potential investors are advised to exercise caution when dealing in the shares of the Company.
Semiconductor Manufacturing International Corporation ("SMIC"; NYSE: SMI; SEHK: 981) is one of the leading semiconductor foundries in the world and the largest and most advanced foundry in mainland China. SMIC provides integrated circuit (IC) foundry and technology services on process nodes from 0.35 micron to 28 nanometer. Headquartered in Shanghai, China, SMIC has an international manufacturing and service base. In China, SMIC has a 300mm wafer fabrication facility (fab) and a 200mm mega-fab in Shanghai; a 300mm mega-fab and a majority-owned 300mm fab for advanced nodes in Beijing; 200mm fabs in Tianjin and Shenzhen; and a majority-owned joint-venture 300mm bumping facility in Jiangyin; additionally, in Italy SMIC has a majority-owned 200mm fab. SMIC also has marketing and customer service offices in the U.S., Europe, Japan, and Taiwan, and a representative office in Hong Kong. For more information, please visit www.smics.com