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Fitch: Middle East conflicts pose a growth risk, and Italy is vulnerable due to its inflation being susceptible to energy price volatility.Fitch: (Qatar) Qatars stability outlook reflects market expectations that a credible prospect of a significant increase in LNG production will mitigate the impact of the war with Iran. The base case scenario is that the conflict will last less than a month, during which time the Strait of Hormuz will remain closed. Gas production is expected to resume once traffic in the Strait of Hormuz returns to normal.Fitch affirmed Spains rating at "A" with a stable outlook; affirmed Italys rating at "BBB+" with a stable outlook; and affirmed Qatars rating at "AA" with a stable outlook.According to foreign media statistics, the market value of the S&P 500 index has evaporated by $2 trillion since the outbreak of the war with Iran.On March 14, U.S. Attorney Robert Piro vowed to continue his investigation into Federal Reserve Chairman Jerome Powell after a judge dismissed subpoenas issued to him, potentially delaying the appointment of Kevin Warsh as Powells successor, whose term ends in May. U.S. District Judge James Bosberg stated that the government failed to provide any evidence to justify its subpoenas related to renovations at the Fed headquarters and Powells comments on the project. Piro stated, "This process was arbitrarily disrupted by a radical judge. The process should have proceeded smoothly, but they didnt. They are disgraceful." Senator Tillis, a member of the Senate Banking Committee, warned that he would block any nomination of a Fed chairman as long as the Justice Departments investigation into Powell continues. "This ruling confirms how weak and baseless the criminal investigation into Chairman Powell has been; it is nothing more than a failed attack on the Feds independence," Tillis said. "The appeal will only delay the confirmation of Kevin Warsh as the next Fed chairman."

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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