Samsung said profits jumped 23%, possibly thanks to strong chip demand

Published

4 years ago

July 7, 2020

Samsung said profits jumped 23%, possibly thanks to strong chip demand

The South Korean conglomerate said on Tuesday that it expects to generate an operating profit of around 8.1 trillion won ($ 6.8 billion) for the three months ended in June. That’s up nearly 23% from the same period last year. The estimate also beat about 2% of the profit decline predicted by analysts by data provider Refinitiv.

Samsung said it expects sales to drop around 7% to 52 trillion won ($ 43.6 billion). Analysts surveyed by Refinitiv estimated sales of 51.4 trillion ($ 43 billion).

Samsung shares opened 1.5% in Seoul, before cutting back the increase. The last stock traded down about 1.5%.

Samsung said the estimate “includes the one-time profit associated with the display business.” This does not explain revenue, but will report complete results for the second quarter at the end of this month.

Samsung – which supplies important parts like display panels and chips to companies like Apple (AAPL) and Huawei – one of the first major technology companies to report earnings for the quarter, and the full report will be seen as a weather bell for how the technology giant faced a pandemic.

The company has enjoyed a boost for the memory chip business thanks to Covid-19. Millions of people around the world continue to work, play games and watch movies from home, which leads to strong demand for chips from data centers, according to analysts.

But sales at Samsung’s consumer electronics unit took a hit.

Smartphone sales in the second quarter are likely to “drop to 55 million units,” Daiwa analyst SK Kim wrote in a note last month. That would be a decrease of more than 27% from the same period a year earlier, according to data from the market research company IDC.

But analysts say the consumer electronics division, which includes sales of smart phones and TVs, is still profitable because of work restrictions and sustainable travel.

Kim, along with Lee Subin, an analyst with Daishin Securities, said that despite disappointing sales, Samsung’s smartphone unit is likely to enjoy wider profit margins because closing retail stores means lower marketing costs.

Kim added that “reducing … internal costs such as business travel due to Covid-19” also helped the bottom line of the smartphone division.

Goodwin Townsend

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Portuguese historical films will premiere on 29 December.

Published

1 year ago

December 20, 2022

Herb Adkins

Portuguese historical films will premiere on 29 December.

Method Media Bermuda will present the documentary FABRIC: Portuguese History in Bermuda on Thursday, December 29 at the Underwater Research Institute of Bermuda.

A spokesperson said: “Method Media is proud to bring Bermuda Fabric: Portugal History to Bermuda for its 5th and 6th showing at the Bermuda Underwater Observatory. In November and December 2019, Cloth: A Portuguese Story in Bermuda had four sold-out screenings. Now that Bermuda has reopened after the pandemic, it’s time to bring the film back for at least two screenings.

“There are tickets Ptix.bm For $ 20 – sessions at 15:30 and 18:00. Both screenings will be followed by a short Q&A session.

Director and producer Milton Raboso says, “FABRIC is a definitive account of the Portuguese community in Bermuda and its 151 years of history, but it also places Bermuda, Acors and Portugal in the world history and the events that have fueled those 151 years.

“It took more than 10 years to implement FABRIC. The film was supported by the Minister of Culture, the Government of the Azores and private donors.

“Bermuda Media Method [MMB] Created in 2011 by producer Milton Raposo. MMB has created content for a wide range of clients: Bermuda’s new hospital renovation, reinsurance, travel campaigns, international sports and more. MMB pays special attention to artistic, cultural and historical content.

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Herb Adkins

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CRISTANO RONALDO CAN MAKE UP A GIANT IN CARIOCA AND PORTUGUESE TECHNICIAN SAYS ‘There will be room’

Published

1 year ago

December 20, 2022

Herb Adkins

CRISTANO RONALDO CAN MAKE UP A GIANT IN CARIOCA AND PORTUGUESE TECHNICIAN SAYS 'There will be room'

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Herb Adkins

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Maestro de Braga is the first Portuguese in the National Symphony Orchestra of Cuba.

Published

1 year ago

December 19, 2022

Herb Adkins

Maestro de Braga is the first Portuguese in the National Symphony Orchestra of Cuba.

Maestro Filipe Cunha, Artistic Director of the Philharmonic Orchestra of Braga, has been invited to conduct the Cuban National Symphony Orchestra, as announced today.

According to a statement sent by O MINHO, “he will be the first Portuguese conductor to conduct this orchestra in its entire history.”

In addition to this orchestra, the maestro will also work with the Lyceo Mozarteum de la Habana Symphony Orchestra.

The concerts will take place on 4 and 12 March 2023 at the National Theater of Cuba in Havana.

In the words of the maestro, quoted in the statement, “these will be very beautiful concerts with difficult but very complex pieces” and therefore he feels “very motivated”.

From the very beginning, Rachmaninoff’s Piano Concerto No. 2 will be performed by an Italian pianist (Luigi Borzillo), whom the maestro wants to bring to Portugal later this year. In the same concert, Mendelshon’s First Symphony will be performed.

Then, at the second concert, in the company of the Mexican clarinetist Angel Zedillo, he will perform the Louis Sfora Concerto No. 2. In this concert, the maestro also conducts Tchaikovsky’s Fifth Symphony.

“This is an international recognition of my work. An invitation that I accept with humility and great responsibility. I was surprised to learn that I would be the first Portuguese member of the Cuban National Symphony Orchestra. This is a very great honor,” the maestro said in a statement.

“I take with me the name of the city of Braga and Portugal with all the responsibility that goes with it, and I hope to do a good job there, leaving a good image and putting on great concerts. These will be very special concerts because, in addition to performing pieces that I love, especially Rachmaninov and Tchaikovsky, I will be directing two wonderful soloists who are also my friends. It will be very beautiful,” concludes Filipe Cunha.

Herb Adkins

Proud web evangelist. Travel ninja. Creator. Freelance food nerd. Passionate bacon fanatic.