Cambricon Q3 revenue jumps 105% but misses market estimate
Cambricon posted 3.53 billion yuan in third-quarter revenue, up 105% year on year, yet below the 6.26 billion yuan market estimate cited by Bloomberg.
Cambricon reported third-quarter revenue of 3.53 billion yuan, up 105% year on year, but below market expectations, according to results covered by the South China Morning Post. Net profit for the quarter rose 148% to 1.4 billion yuan.
Bloomberg reported that the revenue figure fell short of the market estimate of 6.26 billion yuan. Cambricon attributed part of the shortfall to manufacturing constraints and memory chip shortages.
Despite the miss, the Chinese AI chip company set a full-year revenue target of at least 13.5 billion yuan. Cambricon was founded in 2016 as a fabless chip company and designs the MLU series of AI processors.
Prior growth and earlier target
In the second quarter, Cambricon's revenue grew 76% year on year. Last year its revenue target was 6.5 billion yuan, less than half the goal it has now set for the full year.
Quick answers
What was Cambricon's third-quarter revenue?
Cambricon reported third-quarter revenue of 3.53 billion yuan, up 105% year on year.
Why did Cambricon's revenue fall short of estimates?
Cambricon attributed part of the shortfall to manufacturing constraints and memory chip shortages, according to Bloomberg.
What is Cambricon's full-year revenue target?
Cambricon has set a full-year revenue target of at least 13.5 billion yuan.