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On August 22, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, met with Luhut Binsar Pandjaitan, Chairman of the National Economic Council of Indonesia, in Jakarta. Wang Yi stated that under the strategic guidance of President Xi Jinping and President Prabowo Subianto, China-Indonesia relations have maintained a good momentum of development. Practice has proven that strengthened friendly cooperation between China and Indonesia has not only powerfully promoted the development of their respective countries but also set a model of mutually beneficial cooperation among the Global South. China is a trustworthy, long-term, and stable strategic partner for Indonesias development and revitalization. Currently, the Global South is experiencing a collective rise, and China and Indonesia are important representatives of this trend. The two countries are geographically close and economically complementary, and both adhere to a friendly policy towards each other. Further deepening cooperation between China and Indonesia enjoys favorable conditions in terms of timing, location, and people. China is willing to work with Indonesia to fully utilize the comprehensive strategic dialogue mechanism and the "2+2" dialogue mechanism, eliminate interference, enhance mutual trust, further tap potential, and promote the timely advancement and upgrading of cooperation in various fields.Iranian Deputy Foreign Minister Khatibzadeh: The United States and Israel have always believed that carrying out a terrorist attack would lead to a split within Irans political and security system. But they have witnessed firsthand how the Iranian people, officials, and soldiers have all stood their ground in the name of Iran, without even submitting leave applications.Iranian Deputy Foreign Minister Khatibzadeh: What has happened in Iran over the past year is a prime example of the terrorist camp taking action against the camp of justice and resistance. It is necessary to establish a museum to display the remains of all the victims.Iranian Deputy Foreign Minister Khatibzadeh: Everything that the “terrorist camp” has done to the Iranian people over the past few years will be forever recorded in history.Market news: The Vatican will invest 100 million euros to build renewable energy power plants.

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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