China's largest chipmaker, SMIC, has reported an 80% drop in third-quarter profit due to weak global demand. Net income for the quarter ended September fell 80% compared to the previous year. SMIC's revenue for the quarter was $1.62 billion, down 15% year-on-year, and net income was $93.98 million, well below analysts' expectations. The company is viewed as crucial to China's ambition to boost its domestic semiconductor industry and catch up with rivals like TSMC and Samsung. However, it has been impacted by a slump in demand for certain chips used in consumer products, and customers' inventories remain high.

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