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On December 24th, Zhou Liufu (06168.HK) issued an announcement on the Hong Kong Stock Exchange on the evening of December 23rd, stating that its board of directors had noticed unusual fluctuations in the companys H-share price recently. After making reasonable inquiries, the board confirmed that, as of the date of this announcement, it was not aware of any reasons for the share price fluctuations, any information required to be disclosed to avoid a false market in the companys securities, or any inside information required to be disclosed under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). As of the date of this announcement, the board confirmed that the Groups business operations are normal and stable, its core business is progressing smoothly, and there are no material matters requiring disclosure that would concern the board and management.SHOT and Baza, Russian Telegram channels with close ties to the Russian security services, reported that an explosion was heard at the site in Moscow where a Russian general was killed two days ago. Moscow has not yet officially confirmed this.U.S. Department of Defense: Lockheed Martin receives a modification order for a $10 billion Air Force contract from the U.S. Department of Defense.U.S. Department of Defense: The U.S. Department of Defense awarded Boeing a $2 billion contract.Venezuelas representative to the United Nations: The United States has imposed "the greatest amount of blackmail" on Caracas in its history.

Samsung Elec expects mobile and PC chip demand to decrease in the second quarter

Aria Thomas

Jul 28, 2022 11:15

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Due to robust sales of server memory chips, Samsung Electronics Co., Ltd. reported a 12 percent increase in quarterly earnings on Thursday. As macroeconomic uncertainty lingers, the business forecasts that demand for mobile and PC processors will continue to fall.


According to the world's largest manufacturer of memory chips for cell phones, operating profit increased to 14.1 trillion won ($10.8 billion) for the quarter ending June 30, up from 12.57 trillion won a year ago. This is the company's best profit for any quarter since 2014, and its highest profit for the second quarter since 2018.


In addition, the company's earnings exceeded its own projections of 14 trillion won.


The rise in revenue was 21%, amounting to 77,2 trillion won.


A strong dollar, which reached a 20-year high, also aided chip earnings, increasing Samsung (KS:005930 operational profit )'s by around 1.3 trillion won from the previous quarter.


The majority of Samsung's chip sales are handled in U.S. dollars, but the business reports profitability in Korean won; hence, a strong U.S. dollar boosts earnings from semiconductors.


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