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The governor of the region stated that Russias Yaroslavl region was hit by a large-scale Ukrainian drone attack, with industrial fuel storage facilities being struck.According to Iranian state media, a limited cyberattack disrupted four Iranian banks, but no data breaches were found.On June 14, Alibaba Group responded to inquiries, stating that the rumor of Zhou Jingrens resignation was completely false. "We have noticed that some people have been organizing the spread of this rumor online in recent days, and we urge everyone not to spread false information."On June 14th, a special meeting to promote the construction of the Cross-Strait Integrated Development Demonstration Zone was held in Xiamen, Fujian Province on the 13th. Wang Huning, member of the Standing Committee of the Political Bureau of the CPC Central Committee and Chairman of the National Committee of the Chinese Peoples Political Consultative Conference, attended and delivered a speech. He stated that it is necessary to thoroughly implement the spirit of the Fourth Plenary Session of the 20th CPC Central Committee, implement General Secretary Xi Jinpings important expositions on Taiwan-related work and the Partys overall strategy for resolving the Taiwan issue in the new era, and build a high-quality Cross-Strait Integrated Development Demonstration Zone to promote greater achievements in cross-strait integrated development during the 15th Five-Year Plan period. Wang Huning stated that during the 15th Five-Year Plan period, deepening cross-strait integrated development and building the Cross-Strait Integrated Development Demonstration Zone will usher in broad development opportunities and prospects. Support should be given to Fujian to explore new mechanisms, new paths, and new models for cross-strait integrated development, promote higher-quality, deeper, and broader integration, and further leverage the leading role of the Cross-Strait Integrated Development Demonstration Zone.June 14th - This morning, the Songjiawan Downward Tunnel and the Pujia Gou Upward Tunnel, two key connecting tunnels located at Lezhi Station in Ziyang, Sichuan Province, were successfully completed, marking a crucial breakthrough in the hub connection project between the Chengdu-Chongqing Central Line High-Speed Railway and the Chengdu-Dazhou-Wanzhou High-Speed Railway. Lezhi Station is a newly built station and the only hub station connecting both high-speed railways simultaneously. The two connecting tunnels link the main lines towards Chengdu and Chongqing respectively, providing convenient conditions for trains to cross lines and turn around for traffic congestion relief.

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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