SMIC reports Q2 revenue down 18% YoY to $1.9B and net income dropped 21.7% YoY to $402.76M, weighed down by US sanctions and slow global chip supply demand (Sheila Chiang/CNBC)

Sheila Chiang / CNBC:
SMIC reports Q2 revenue down 18% YoY to $1.9B and net income dropped 21.7% YoY to $402.76M, weighed down by US sanctions and slow global chip supply demand  —  – SMCIC posted a drop in second-quarter revenue amid ongoing U.S. sanctions and a sluggish recovery in global chip demand.