Samsung Sparks $30 Billion Tech Rally After 21% Sales Jump - 07 iulie 2022

Samsung Electronics Co. (US.SMSN) reported a better-than-anticipated 21% jump in revenue, assuaging investors’ worst fears about the impact of weakening consumer demand and soaring materials costs on the $550 billion chip industry.

The results from South Korea’s largest company -- among the first major tech firms to report earnings after a pivotal quarter -- helped drive a rally in Asian stocks Thursday. While concerns linger about the longer-term impact of a potential global recession, investors seized on Samsung’s top-line expansion as a sign that chip stocks may have been oversold.

Samsung’s 2Q preliminary numbers may not be as weak as rival Micron’s (US.MU) poor sales guidance for June-August suggests. But its 3Q sequential profit growth may not be as strong as expected, due to weaker PC and smartphone demand caused by inflation.

https://finance.yahoo.com/news/samsung-profits-miss-estimates-inflation-234550086.html