Sales for the first quarter of 2017 were $793.1 million, a 2.7% decrease from the $814.8 million quarterly in the fourth quarter of 2016 and an increase of 25.0% from the $634.3 million in the first quarter of 2016. Gross profit for the first quarter of 2017 was $220.8 million, compared to $246 million in the fourth quarter of 2016 and $153.8 million in the first quarter of 2016. Gross profit margin for the first quarter of 2017 was 27.8%, compared to 30.2% in the fourth quarter of 2016 and 24.2% in the first quarter of 2016. SMIC's profit attributable to SMIC in the first quarter of 2017 was $69.8 million, compared to $104.8 million in the fourth quarter of 2016 and $61.4 million in the first quarter of 2016.
The company expects revenue in the second quarter of 2017 to fall by 3% to 6%, with gross margins ranging from 25% to 27%. Non-GAAP operating expenses will be between US$178 million and US$184 million, after deducting employee bonuses, government-backed funds, and income from the sale of life park assets. Non-control interests will range from $6 million to $8 million (losses from non-controlling interests).
Dr. Zhao Haijun, CEO, commented: “Our team gave good quarterly results, revenue increased year-on-year, operating income improved, profit before tax, interest depreciation and amortization increased. Revenue increased by 25.0% year-on-year and 2.7% quarter-on-quarter. Operating profit It increased by 17.0% year-on-year and 57.9% quarter-on-quarter. Profit before interest, taxes, depreciation and amortization was US$312.4 million, a record high, up 42.8% year-on-year and 13.9% quarter-on-quarter. The profit before interest, taxes, depreciation and amortization was 39.4%.
In the first half of 2017, we faced changes in the customer's market position, quarterly inventory adjustments, and the overall weakness of the Chinese mobile phone market; however, we actively seek new revenues from a variety of customers and markets, thereby reducing the above disadvantages. Impact. We believe that we are in a very favorable position, both strategically and financially, to survive this cyclical downturn and benefit from exciting future trends, including automotive, industrial, Internet of Things, etc. .
In the first quarter, our 28-nanometer revenue rose to 5.0% of wafer revenue, up 39.0% from the previous quarter. We continue to work with our customers on 28nm flowsheets to address a wide range of applications. The revenue of 55nm wafers increased by 29.1% year-on-year and 9.1% quarter-on-quarter. We continue to market a variety of products at 28nm, 55nm and 8mm; from a device perspective, we are looking for areas such as non-volatile flash, RF/connection, power management, etc. that we see have real customer needs. Income growth. â€
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