Scalper1 News
South Korean electronics giant Samsung sneezed on Thursday and Micron Technology (MU) caught a cold. Samsung reported its first year-over-year drop in net profit in nearly three years for the second quarter, as competition heated up with low-cost smartphone rivals from China, including Xiaomi, Huawei and Lenovo. The world’s No. 1 smartphone vendor by shipments, Samsung said its net profit fell 20% to 6.25 trillion won ($6.1 billion) from 7.77 trillion won in the year-earlier quarter. Sales fell 8.9% to 52.35 trillion won. While Samsung stock isn’t traded in the U.S., the impact of the company’s earnings report was felt by Micron, a maker of memory chips for computers, mobile phones and other devices. Micron fell more than 6% to near 30.55 in the stock market today. Micron investors were spooked by commentary from Samsung executives who said they planned to increase production of dynamic random access memory (DRAM) chips,… Scalper1 News
Scalper1 News