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According to Fox News: The White House will hold a tax day press conference on Wednesday, local time, which will be attended by Treasury Secretary Bessant and Small Business Administration Administrator Loeffler.According to the Wall Street Journal, European countries are drafting a plan to form a broad, multinational alliance to help clear shipping lanes in the Strait of Hormuz. However, the plan would only be implemented after the war and might exclude the United States.According to Fox News: U.S. Representative Eric Swalwell (Democrat from California) and Representative Tony Gonzalez (Republican from Texas) have officially resigned from their seats in Congress. The House Clerk read their resignation letters.On April 15th, according to AXIOS, the Trump administration eased sanctions on Venezuelas state-owned financial system on Tuesday. Venezuelan state-owned banks and other large financial institutions can now legally use US dollars, directly receive billions of dollars in oil sales revenue, and re-enter the global financial system to support their damaged economy. This move by the US Treasury Department also aims to boost Venezuelas oil industry and stabilize the new government led by acting president Rodriguez. Following the US takeover and detention of former President Maduro on January 3rd, the US seized control of Venezuelas state-owned oil company, PDVSAs, oil revenues. However, subsequent administrative obstacles imposed by US financial sanctions delayed the transfer of billions of dollars to the Venezuelan central bank and slowed the countrys energy development projects. This is not a complete lifting of sanctions, but rather the issuance of licenses through the Treasury Departments Office of Foreign Assets Control (OFAC) to specific financial institutions, enabling them to participate in the US financial system.Hang Seng Index futures closed up 0.88% at 26,145 points in overnight trading, a premium of 273 points.

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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