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U.S. Agriculture Secretary Rawlings: More announcements related to increased fertilizer shipments will be released.March 22 – The Australian government stated on the 22nd that although fuel imports have been impacted by the conflict with Iran, supplies remain sufficient and there are no plans for rationing. Regarding the panic buying of gasoline in a few areas, the government urged the public to refuel rationally. Australian Climate Change and Energy Minister Chris Bowen said in a television interview that as of the 21st, the countrys reserves of petrol, diesel, and aviation fuel were sufficient for 38 days, 30 days, and 30 days respectively, and fuel supplies remained "strong."Market news: Fannie Mae and Freddie Mac have made large-scale purchases of mortgage-backed securities.March 22 - Iranian President Ayatollah Peschizian posted on social media this evening (March 22), stating that "attempts to wipe Iran off the map are a desperate trampling on the will of a nation that makes history. Threats and intimidation will only strengthen Irans unity. The Strait of Hormuz is open to everyone except those who violate Iranian territory. Iran will resolutely confront these insane threats on the battlefield."On March 22, U.S. Treasury Secretary Bessenter defended the U.S. and Israels attacks on Iranian infrastructure, claiming that "sometimes you have to escalate to de-escalate." This came shortly after Trump gave Iran 48 hours to open the Strait of Hormuz and threatened to destroy its power plants. Bessenter defended Trumps remarks, saying it was "the only language the Iranians understand." Bessenter also addressed Kharg Island, a key hub for Iranian oil production, claiming that "all options are being considered," including sending U.S. troops to control the island. Bessenter further defended the decision to ease some sanctions on Iran, claiming it was a "soft approach" to the Iranians—using their own oil to retaliate against them.

Samsung Elec announces a higher Q2 profit owing to solid server-chip demand

Charlie Brooks

Jul 07, 2022 11:18


Samsung Electronics (OTC:SSNLF) Co Ltd announced its greatest April-through-June profit since 2018 with an 11 percent year-over-year gain, as demand for its memory chips from server customers more than offset decreased sales to smartphone manufacturers due to inflation.


The world's leading memory chip and smartphone manufacturer stated Thursday that its second-quarter operating profit grew to 14 trillion won ($10.73 billion) from 12.57 trillion won a year earlier.


It was quite close to Refinitiv's SmartEstimate of 14,45 trillion won.


In agreement with market estimates, Samsung (KS:005930) announced in a short earnings report that sales likely climbed by 21 percent year-over-year to 77 trillion won.


This month, Samsung will provide detailed financial results.


Large U.S. IT companies that rely heavily on data center services continued to acquire chips to meet cloud demand, insulating Samsung's chip revenue from a potential client oversupply after two years of high demand.


According to the data source TrendForce, the price of some DRAM chips, which are utilized in electronic devices and servers, decreased by around 12 percent last month compared to the same time period one year prior. As demand for smartphones and laptops decreases, analysts believe that prices will continue to fall.


"Server DRAM is currently the only feasible sales channel... As a result, Korean manufacturers were the first to signal a willingness to contemplate a quarterly price cut of more than 5 percent (for server goods) "DRAMS," according to TrendForce.


According to TrendForce, the costs of NAND Flash chips, which are used in electronic devices for data storage, are projected to decline by as much as 5 percent between July and September compared to the previous quarter.


Following two profitable pandemic years in which customers purchased devices for remote work, chipmakers throughout the globe are observing a fall in demand.


According to analysts, rising prices, worries of a dramatic market collapse, the Ukraine war, and China's COVID-19 lockdowns have hampered smartphone sales, leaving server chip demand as the only bright light.


During morning trade, the price of Samsung's stock jumped by 0.9%.


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