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Volkswagen CEO: The goal is to streamline the product portfolio.Volkswagen CEO: We must adjust the production system according to market conditions, with a target annual production capacity of 9 million vehicles.On April 30th, it was announced that the 9th issue of Qiushi magazine, to be published on May 1st, will carry an important article by Xi Jinping, General Secretary of the CPC Central Committee, President of the Peoples Republic of China, and Chairman of the Central Military Commission, entitled "Speech at the Seminar for Provincial and Ministerial-Level Leading Cadres on Studying and Implementing the Spirit of the Fourth Plenary Session of the 20th CPC Central Committee." The article points out that it is essential to solidly build a modern industrial system. The backbone of a modern industrial system is advanced manufacturing. It is necessary to maintain a reasonable proportion of manufacturing and vigorously develop advanced manufacturing. Modern infrastructure is an integral part of a modern industrial system. Attention should be paid to calculating input and output to improve the matching degree. Developing new types of productive forces is an inevitable requirement for building a modern industrial system. It is necessary to adhere to adapting to local conditions and promote the deep integration of scientific and technological innovation and industrial innovation based on reality.Switzerlands KOF Leading Economic Index for April was 97.9, below the expected 95.9 and the previous reading revised from 96.1 to 95.6.Spains first-quarter GDP annualized growth rate was 2.7%, in line with expectations and down from 2.70% previously.

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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