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☆ Samsung Q3 profit beats expectations, raising hopes of chip recovery
  + stars: | 2023-10-11 | by ( Joyce Lee Heekyong Yang | Joyce Lee | Heekyong Yang | ) www.reuters.com   time to read: +4 min
Samsung shares opened 3.3% higher versus a 1.4% rise in the wider market (.KS11), as analysts said memory chip prices likely bottomed in the third quarter, with some types starting to rebound. The world's largest memory chip and smartphone maker estimated its operating profit fell to 2.4 trillion won ($1.79 billion) in July-September, from 10.85 trillion won a year earlier in a short preliminary earnings statement. The profit beat a 2.1 trillion won LSEG SmartEstimate, which is weighted toward forecasts from analysts who are more consistently accurate. The company reported losses of 4.58 trillion won and 4.36 trillion in its chip business in the first and second quarter respectively, as memory chip prices plunged and its inventory values were slashed. Samsung's said its revenue likely fell 13% from the same period a year earlier to 67 trillion won.
Persons: Yves Herman, LSEG, Ko Yeongmin, chipmakers, Ko, Samsung's, 1,342.1900, Joyce Lee, Heekyong Yang, Jamie Freed Organizations: Samsung, REUTERS, Samsung Electronics, Daol Investment, Securities, Apple, Thomson Locations: Brussels, Diegem, Belgium, SEOUL
☆ Samsung to keep up chip investment, undeterred by 8-year-low profit
  + stars: | 2023-01-31 | by ( Joyce Lee Heekyong Yang | Joyce Lee | Heekyong Yang | ) www.reuters.com   time to read: +4 min
"Samsung, in a roundabout way, is saying production will decrease slightly," said analyst Kim Yang-jae at Daol Investment and Securities. CHIP PROFIT TUMBLESEarlier on Tuesday, Samsung reported its lowest quarterly profit since 2014 and said persistent macroeconomic uncertainty will make for a tough first half of this year, though it expects demand to start recovering in the second half. At 4.3 trillion won ($3.49 billion), October-December operating profit was Samsung's lowest quarterly profit in eight years. Some analysts expect the chip business to book a loss in the first quarter, pulling overall profit below that of the fourth. In mobile, Samsung said fourth-quarter profit fell to 1.7 trillion won from 2.66 trillion won a year earlier, as a decline in low- and mid-end smartphone sales was greater than expected.
☆ S.Korea's Kakao Entertainment secures $966 mln investment from sovereign wealth funds
  + stars: | 2023-01-11 | by ( Joyce Lee | ) www.reuters.com   time to read: +2 min
SummarySummary Companies Largest overseas investment in Korean content firm, co saysBusiness includes K-Pop, video, online comics and novels"Recession-proof" nature of business likely a draw -analystsSEOUL, Jan 12 (Reuters) - South Korean tech conglomerate Kakao Corp (035720.KS) said on Thursday unit Kakao Entertainment secured a 1.2 trillion won ($966.27 million) investment from leading sovereign wealth funds. Kakao, however, did not name the sovereign wealth funds in its statement. Kakao Corp shares rose 1% in early morning trade, outperforming a 0.2% rise in the wider market (.KS11). Unlisted Kakao Entertainment has a business portfolio ranging from K-Pop - including artist management - to shows, movies, and online-targeted, comparatively low-cost content such as comics called webtoons and serial web novels. "Having secured funds, Kakao Entertainment may seek to strengthen its artist lineup that can better target overseas markets via M&A or other ways."
☆ Kakao shares slump as outage sparks calls for antitrust scrutiny
  + stars: | 2022-10-17 | by ( Joyce Lee Jihoon Lee | Joyce Lee | Jihoon Lee | ) www.reuters.com   time to read: +6 min
Kakao shares plunged as much as 9.5% on Monday to their lowest since May 2020, wiping out 2 trillion won ($1.39 billion) in market capitalisation at one point, while shares in affiliates KakaoPay (377300.KS) and KakaoBank (323410.KS) lost more than 8% before paring losses. South Korea's technology ministry is probing whether the outage violated any laws while the communications regulator is reviewing the matter, including questions of user compensation, officials said on Sunday. An initial probe on Sunday found electrical issues around battery racks in third basement floor of the data centre, which is operated by SK C&C (034730.KS), may have caused the fire. REPUTATIONAL HITThe Kakao messaging application and the Kakao T taxi booking application are seen on a mobile phone in this illustration photo March 13, 2018. It said on Monday it would discuss compensation with data centre operator SK C&C for losses it and its key units have sustained.
☆ Kakao shares slump as outage sparks calls for regulatory scrutiny
  + stars: | 2022-10-17 | by ( Joyce Lee | ) www.reuters.com   time to read: +5 min
Kakao shares plunged more than 9% on Monday to their lowest since May 2020, while shares in Kakao affiliates KakaoPay (377300.KS) and KakaoBank (323410.KS) also plunged more than 8% in morning trade. Police and the National Forensic Service are conducting a second investigation on Monday at the data centre, which is operated by SK C&C (034730.KS). After an initial probe on Sunday, police said electrical issues around battery racks in third basement floor of the data centre may have caused the fire. It said in a regulatory filing on Monday that after it normalises services, it will discuss compensation with data centre operator SK C&C for losses sustained by Kakao and its key units. A Kakao spokesperson declined to provide the total number of servers it uses, citing security concerns.
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