SMIC crashes on revenue miss, guidance

Chinese foundry SMIC (SMI -19.4%) is plunging after reporting Q4 revenue of $491.8M (+1.2% Y/Y) and EPS of $0.02. While the latter is in-line, the former is below a $501.2M consensus.

SMIC is also guiding for Q1 revenue of $440M-$460M, below a $501.1M consensus. Gross margin is expected to be in a range of 16%-19%, after coming in at 18.9% in Q4 (-210 bps Q/Q and -100 bps Y/Y).

Q4 capacity utilization was 87.4%, down from 88.2% in Q3 and 90.5% a year earlier. Wafer shipments (8" equivalents) fell 7.9% Q/Q and 1.1% Y/Y to 601.6K.

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