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May 12th - According to The Times, British Prime Minister Keir Starmer has been asked by Home Secretary Shabana Mahmoud and other senior cabinet ministers to consider a timetable for his departure. Mahmoud and at least two other cabinet ministers believe the Prime Minister needs to reconsider his future. Starmer will be informed by ministers at tomorrows cabinet meeting that his position is becoming increasingly "unsustainable" given strong discontent within Labour MPs. Current Health and Social Care Secretary Wes Streatine is preparing to launch a campaign to run for Prime Minister, following public calls from over 70 Labour MPs for his resignation. The UK recently held local elections, in which Starmers ruling Labour Party suffered a major defeat.U.S. Department of Energy: Nine companies have been approved to borrow crude oil from the U.S. Strategic Petroleum Reserve, including ExxonMobil (XOM.N), Marathon Petroleum (MRO.N), and Phillips 66 (PSX.N).The Dow Jones Industrial Average rose 95.31 points, or 0.19%, to close at 49,704.47 on Monday, May 11; the S&P 500 rose 13.90 points, or 0.19%, to close at 7,412.83 on Monday, May 11; and the Nasdaq Composite rose 27.05 points, or 0.10%, to close at 26,274.13 on Monday, May 11.On May 12th, U.S. stocks closed Monday with the Dow Jones Industrial Average up 0.19%, the S&P 500 up 0.19%, and the Nasdaq Composite up 0.1%. Nvidia (NVDA.O), Qualcomm (QCOM.O), Intel (INTC.O), Micron Technology (MU.O), and Western Digital (WDC.O) all hit record closing highs. The Nasdaq China Golden Dragon Index closed up 1%, and Baidu (BIDU.O) rose 3%.May 12 – According to CBS News, informed U.S. officials say that while Pakistan positions itself as a diplomatic conduit between Tehran and Washington, it has quietly allowed Iranian military aircraft to park at its airports, potentially shielding them from U.S. airstrikes. Two officials also stated that Iran has sent civilian aircraft to park in neighboring Afghanistan. It is unclear whether these flights include military aircraft. A senior Pakistani official denied allegations involving the Nur-Khan airbase, telling CBS News, “Nur-Khan is located right in the city center; it’s impossible for a large number of aircraft parked there to escape public scrutiny.” The Taliban’s chief spokesman also denied the presence of any Iranian aircraft in Afghanistan, telling CBS News, “No, that’s not true. Iran doesn’t need to do that.”

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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