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According to Hong Kong Stock Exchange filings, Sinopec spent HK$40.3 million to buy 9 million H shares on November 27.Today, the US markets were closed for Thanksgiving, leading to a shortage of liquidity and amplifying volatility in currency trading. The dollar is retreating from a six-month high reached a week ago and is on track for its biggest weekly drop since July. "The market will soon be considering its main trading strategies for 2026, and I strongly believe that going long on the dollar wont be one of them," said Brent Donnelly, president of Spectra Markets. He added that if Hassett, the White House economic advisor who advocates for interest rate cuts, is appointed as the next Federal Reserve chairman, it should be detrimental to the dollar.According to RIA Novosti, the Russian Ministry of Defense stated that Russian troops have captured Vasikivka in eastern Ukraine.On November 27, Yonhap News Agency reported that South Koreas domestically developed launch vehicle, the "Segway," successfully launched for the fourth time in the early hours of November 27. The rocket carried the next-generation medium-lift satellite, Mk3, into its designated orbit, achieving the intended launch objective. Currently, all systems of Mk3 are operating normally. Of the remaining 12 satellites, 5 have established communication with ground stations, while the remaining 7 will undergo communication testing with ground stations.On November 27th, according to Tianyancha, Zhimaxing (Wenzhou) New Energy Vehicle Sales Co., Ltd. was established with a registered capital of 200 million RMB. Its business scope includes the sale of new energy vehicles, sales of new energy vehicle electrical accessories, sales of new energy vehicle battery swapping facilities, and automobile sales. Shareholder information shows that the company is wholly owned by WM Motor Manufacturing (Wenzhou) Co., Ltd.

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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