Chinese chip maker Semiconductor Manufacturing International Corp. reported a net loss for its first quarter on Monday because of lower revenue.
The company reported a net loss of $87.9 million, or 16 cents per American Depositary share. That’s down from earnings of $30.7 million, or 6 cents per share, in the same period a year earlier.
Revenue fell 24 percent to $306.9 million from $403.8 million.
Analysts, on average, were expecting a loss of 15 cents per share on revenue of $297.9 million, according to a poll by FactSet.