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Market sources indicate that executives from companies such as SpaceX (SPCX.O), Boeing, and Lockheed Martin will attend todays White House event.NETAPP: The company and Oracle will launch a fully managed cloud storage service to meet the demanding needs of artificial intelligence and enterprise workloads.German Chancellor Merz: US tariffs have severely damaged the German economy.July 15 – U.S. Central Command: We completed our strike against Iran at 7:30 a.m. Eastern Time on July 15 (7:30 p.m. Beijing Time). During the 90-minute attack, Central Command launched precision-guided munitions at coastal defense systems and cruise missile storage and launch sites on Grand Tunbu Island.Germany plans to cut more than €30 billion (approximately $34.2 billion) from its Climate and Transition Fund by 2030, transferring some of the resources to the federal budget, a move aimed at consolidating public finances. According to a financial plan approved by the cabinet on Wednesday, the government will cut €19.7 billion in spending from the fund over the next four years and transfer an additional €13.2 billion to the federal budget. The coalition government, led by Chancellor Merz and Finance Minister Klingerberg, had previously allocated €10 billion to the Climate and Transition Fund, a core tool in Germanys efforts to significantly reduce carbon emissions. Now, as part of efforts to reduce public spending, some projects supported by the initiative will face funding cuts. The German government stated that the reason for the cuts is that it had previously launched a separate multi-billion euro subsidy program to reduce electricity prices for energy-intensive industries. Companies participating in this program are required to invest in reducing carbon emissions in their production processes, making their production methods more environmentally friendly.

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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