Summary by Moomoo AI
SME International announced on 9 May 2024 its unaudited financial results for the three months ended 31 March of the same year. Sales revenue for the quarter reached $1,750.2 million, up 4.3% from the previous quarter and 19.7% year-over-year. However, gross profit fell to $239.7 million from $275.0 million in the previous quarter, and gross profit also fell to 13.7% from 16.4% in the previous quarter. The company noted that the decrease in gross profit was mainly due to increased depreciation. Operating expenses increased 41.5% from the previous quarter to $237.3 million. Profit for the period was $63.5 million, down 73.2% from the previous quarter's $237.3 million. The company expects revenue in the second quarter of 2024 to grow by 5% to 7%, with a gross margin expected to be between 9% and 11%. SME is one of the world's leading integrated circuit wafer fabricators, headquartered in Shanghai, China, with manufacturing and service bases in several locations.