Taiwan-based United Microelectronics Corporation (NYSE:UMC), a prominent global semiconductor foundry, saw its stock price fall on Wednesday after reporting fiscal second-quarter results that largely disappointed market expectations.
For the quarter, the company reported revenue of $2.01 billion (58.76 billion New Taiwanese dollars), marking a modest 3.4% increase year-on-year. However, this figure missed the analyst consensus estimate of $2.05 billion.
On a sequential basis, revenue saw a slight uptick of 1.6%. Earnings per American Depositary Share (ADS) came in at 12 cents, also missing the analyst consensus of 14 cents.
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Despite the overall miss, the company showcased progress in its advanced process nodes. Revenue derived from 22nm and 28nm technologies accounted for a record 40% of wafer revenue, a significant increase from 33% reported a year ago.
The contribution from 40nm technology experienced a marginal sequential decline, even as its share of total sales …