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German Finance Minister Klinger: I will continue to push for an unexpected energy tax, despite the lack of majority support in the EU at present.On May 4th, the Housing and Urban-Rural Development Bureau of Zhongshan City, Guangdong Province, released "Several Measures for Continuously Promoting the Stable and Healthy Development of the Real Estate Market in Zhongshan City," aiming to further reduce existing housing stock and optimize new housing supply to better meet residents rigid and improved housing needs. The "Several Measures" consist of seven articles, including continuing to support residents "trade-in" programs; encouraging the market-oriented operation of "trade-in" programs for commercial housing; increasing support for home purchases using housing provident funds; optimizing the criteria for determining the number of housing units eligible for housing provident fund loans; accelerating the reduction of commercial property inventory and encouraging the revitalization of existing resources through multiple channels; increasing financial support and reducing the down payment ratio for commercial property purchase loans; and piloting the implementation of housing voucher resettlement compensation. Among these measures, it is stipulated that acquired old houses can be resold, renovated, or used for market-oriented rental housing, talent apartments, and affordable rental housing. The minimum down payment ratio for commercial property purchase loans has been adjusted to no less than 30%.U.S. Treasury Secretary Bessenter: The United States is opening the Strait of Hormuz.Apple (AAPL.O) has launched new sport bands and watch faces, which are now available for pre-order at a price of $49.May 4th - According to the Traffic Management Bureau of the Ministry of Public Security, on the fourth day of the May Day holiday, various regions have entered the peak return travel period, with traffic flow on major highways and national and provincial trunk roads across the country generally operating at high levels. Local public security traffic management departments have strengthened order control, strictly investigated serious violations, enhanced emergency response, and widely publicized information to ensure road traffic safety and smooth flow. As of 6 PM, except for a few sections experiencing congestion due to excessive traffic volume and minor accidents, traffic on major highways nationwide was generally stable and orderly, with no prolonged or widespread traffic jams. May 5th is the last day of the May Day holiday, and various regions will see the peak return travel period, with traffic flow on highways and national and provincial trunk roads expected to remain high.

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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