Samsung flags 50% jump in Q1 profit on solid chip demand

Highest first-quarter profit since 2018

Samsung Electronics on Thursday (April 7) reported a 50 per cent jump in quarterly operating earnings to post its highest first-quarter profit since 2018, as solid demand underpinned prices for memory chips.

The world’s largest memory chip and smartphone maker estimated first-quarter profit at 14.1 trillion won (S$15.7 billion), compared with a Refinitiv SmartEstimate of 13.3 trillion won. Revenue likely rose 18 per cent from the same period a year earlier to a record 77 trillion won, the company said in a short preliminary earnings release, also above market expectations.

Although chip prices dipped in the first quarter, analysts said they had held up better than expected due to solid demand as well as cautious investment spending by chipmakers and limited capacity expansion. This buoyed Samsung’s chip earnings, which make up about half of its total profits. The price of one type of Dram chip, widely used in data centres, fell 8 per cent during the quarter, according to data provider TrendForce, while the prices of Nand flash memory chips, used for data storage in tech devices, fell between 5 per cent and 10 per cent.

https://www.straitstimes.com/

NFT sales almost equalled all global art sales in 2021

Digital asset sales totaled nearly $41 billion, compared to around $50 billion for the global art world

Nearly a year ago, in February 2021, the NFT (Non Fungible Token) market was gaining momentum after having already tripled in value the year prior, notching ~$250 million in sales, per a report from NonFungible.com.

In 2021? Almost $41 billion worth of Ethereum-based NFTs were sold, according to Chainalysis research cited by the Financial Times. In 2021, the global art market was worth ~$50 billion, per UBS. The vast majority (75%) of NFT transactions were sales under $10,000, but the wealthiest 9% of NFT wallets held ~80% of the market’s value.

NFTs, and crypto more broadly, are quickly working their way into new corners of business and society. Platforms like Arcade—which raised $15 million in late December—have popped up to allow NFT holders to take out loans against their digital assets. Earlier, we mentioned Samsung’s new NFT-enabled TV. Brands are embracing them.

https://www.morningbrew.com/