Semiconductor Manufacturing International Co. (SMIC), China’s largest chip manufacturer, reported a staggering 80 per cent decline in its third-quarter profit due to the adverse impact of weakened global demand on the foundry industry. The company’s net income for the third quarter plummeted by 80 per cent compared to the same period last year, a more significant decline than the 64 per cent drop experienced in the second quarter of 2019, according to company data. SMIC’s third-quarter revenue compared to consensus estimates from the London Stock Exchange Group (LSEG) was at $1.621 billion, slightly below the expected $1.625 billion, whereas net…