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June 24th - As of 2:30 PM closing, the Shanghai Gold futures contract fell 0.82% to 902 yuan/gram, the Shanghai Silver futures contract fell 4.36% to 14,868 yuan/kilogram, and the SC Crude Oil futures contract fell 1.52% to 492 yuan/barrel.June 24th - The dollar hit its highest level since November on Tuesday as traders solidified their view that the Federal Reserve would raise interest rates this year. The Feds policy outlook contrasts with that of other central banks globally. Traders now expect nearly two 25-basis-point rate hikes in the US by early 2027. "The dollar has room to rise; it tends to strengthen before a Fed rate hike; the market is currently speculating that the rate hike cycle may begin in September," said Jordan Rochester, a strategist at Mizuho International. Meanwhile, the euro fell to its lowest point in a year after comments from European Central Bank President Christine Lagarde prompted traders to reduce their bets on rate hikes in the region. The yen continued to be pressured as markets perceived the Bank of Japans rate hikes as insufficient to curb the yens decline, keeping traders wary of potential foreign exchange intervention.Traders said the Argentine interbank peso closed down 0.61% at 1,471.5 pesos to the dollar, its lowest level in eight months.According to the Financial Times, SpaceXs (SPCX.O) $25 billion bond issuance attracted nearly $90 billion in subscription orders around noon local time.A Reuters/Ipsos poll shows that only 23% of Americans believe the postwar relationship between the United States and Iran is stronger, while 35% believe it is more fragile.

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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