(Reuters) -Semiconductor Manufacturing International Corp on Thursday lifted its annual capital expenditure forecast to around $7.5 billion and said it expects lower fourth-quarter gross margins.
The Chinese chip foundry had previously said it expects capital expenditure in 2023 to be roughly flat compared with 2022, which came in at about $6.35 billion.
The company expects a gross margin of between 16% and 18% in the fourth quarter, compared with 19.8% in the third quarter.
It also sees a sequential increase in fourth-quarter revenue by 1% to 3%.
The company reported an over 80% fall in its third-quarter profit attributable to $470.8 million, while revenue fell to $1.62 billion from $1.91 billion a year ago.
(Reporting by Nausheen Thusoo in Bengaluru; Editing by Devika Syamnath)
