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SEOUL (Reuters) – South Korea’s SK Hynix Inc posted record third-quarter operating profit on Thursday, beating expectations thanks to a seasonal sales boost for mobile devices and strong server demand.
FILE PHOTO: The logo of SK Hynix is seen at its headquarters in Seongnam, South Korea, April 25, 2016. REUTERS/Kim Hong-Ji/File Photo/File Photo
The world’s second-biggest memory chipmaker behind Samsung Electronics Co Ltd said July-September profit rose 73 percent year-on-year to 6.5 trillion won ($ 5.7 billion). That compared with a 6.3 trillion won average forecast drawn from 19 analysts, according to Refinitiv data.
Reporting by Ju-min Park and Heekyong Yang; Editing by Stephen Coates
HONG KONG (Reuters) – ZTE Corp (000063.SZ) (0763.HK) reported a first-half net loss of 7.8 billion yuan ($ 1.1 billion) on Thursday, weighed down by a ban on U.S. firms selling parts to the Chinese telecom equipment maker that forced it to cease operations for three months.
FILE PHOTO: The company name of ZTE is seen outside the ZTE R&D building in Shenzhen, China April 27, 2016. REUTERS/Bobby Yip/File Photo
The result compared with the 7 billion to 9 billion yuan net loss estimate disclosed last month, and the 2.3 billion yuan profit booked in the same period a year earlier.
Operating revenue in the first half fell 27.0 percent to 39.4 billion yuan.
In June, the network equipment and smartphone maker paid the United States $ 1.4 billion in penalties in a deal to have the supplier ban lifted. The ban, imposed in April in relation to sanction violations, crippled ZTE and became a source of friction in Sino-U.S. trade talks.
($ 1 = 6.8300 Chinese yuan renminbi)
Reporting by Sijia Jiang and Twinnie Siu; Editing by Christopher Cushing and Edmund Blair
TAIPEI (Reuters) – Taiwan’s Foxconn, the world’s top contract electronics maker and a key Apple supplier unexpectedly posted a fall of about 40 percent in quarterly net profit on Monday.
FILE PHOTO: A shovel and FoxConn logo are seen before the arrival of U.S. President Donald Trump as he participates in the Foxconn Technology Group groundbreaking ceremony for its LCD manufacturing campus, in Mount Pleasant, Wisconsin, U.S., June 28, 2018. REUTERS/Darren Hauck/File Photo
Net profit for the three months to the end of June was T$ 17.49 billion ($ 567.42 million), the company, which is formally known as Hon Hai Precision Industry Co, said on Monday.
That compares with T$ 17.9 billion in the year ago period and was below a mean estimate of T$ 21.936 billion from 9 analysts polled by Thomson Reuters I/B/E/S.
Last month, Apple reported better-than-expected earnings, helped by sales of its pricey iPhone X. The world’s most valuable technology firm also forecast strong revenue for the autumn, when it typically launches new iPhone models.
Reporting by Meg Shen in Hong Kong; Writing by Jess Macy Yu; Editing by Himani Sarkar and Kirsten Donovan
Facebook’s algorithm that triggers balloons and confetti when users write the word “congratulations” on the site is usually just a festive add-on.
But it took an inadvertent turn in Indonesia following a deadly, 6.9 magnitude earthquake on the island of Lombok on Sunday. Users took to Facebook to express concern for those affected by the earthquake, employing the Indonesian word “selamat”—which can mean safe or unhurt, but can also mean congratulations depending on the context.
The word was misinterpreted by Facebook’s algorithm, accidentally prompting the celebratory animation.
Facebook quickly apologized for the mishap, noting that the feature is “widely available” on the site globally, but expressed regret “that it appeared in this unfortunate context.” Lisa Stratton, a Facebook spokesperson further explained to Motherboard that they have since turned off the feature locally, and said that their “hearts go out to the people affected by the earthquake.”
Herman Saksono, an Indonesian PhD student in human-computer interaction, expressed surprise that Facebook hadn’t accounted for the double meaning of “selamat,” telling Motherboard that “People use the word interchangeably.”
“Researchers spend a lot of time before launching a function like this to make sure it truly fits the culture and practices in languages in which it will be used,” he said. “I would expect Facebook to do the same, given all the resources they have. I guess [they] missed this one.”
(Reuters) – Applied Materials Inc reported better-than-expected quarterly results and gave a strong current-quarter forecast as the world’s largest supplier of tools to make semiconductors enjoys strong demand in its chip and display businesses.
The company’s shares were up about 1 percent in trading after the bell on Thursday, reversing course from a drop of nearly 2 percent immediately after the results were released.
Applied Materials has now topped analysts estimates in each quarter of the latest fiscal year, helping its shares surge about 79 percent this year, making them the fourth best performer on the Philadelphia semiconductor index.
Applied Materials, whose results are seen as a barometer for the semiconductor industry, has been benefiting from higher demand for 3D NAND memory chips from smartphone makers and the shift to organic light-emitting diode technology for displays.
Worldwide shipments of PCs, tablets and smartphones are expected to exceed 2.35 billion units in 2018, an increase of 2.0 percent from 2017, according to a report published by research firm Gartner in October. (gtnr.it/2AUZwTp)
While Applied Materials has benefited from surging sales of smartphones, it is also set to cash in on the rise of new technologies such as AI, big data, machine learning, augmented reality and autonomous driving.
“The semiconductor business has clear tailwinds around next generation areas such as AI and other parts of the tech food chain,” Daniel Ives, analyst at GBH Insights said.
The Santa Clara, California-based company forecast current-quarter adjusted earnings per share of 94 cents to $ 1.02 and net sales of $ 4.00 billion to $ 4.20 billion.
The forecasts were comfortably above analysts’ average estimate of a profit of 91 cents and revenue of $ 3.96 billion, according to Thomson Reuters I/B/E/S.
The company said its net income rose 61 percent to $ 982 million in the fourth quarter. Excluding items, it earned 93 cents per share, 2 cents above analysts’ estimates.
Total net sales rose 20.4 percent to $ 3.97 billion. Analysts were expecting $ 3.94 billion.
Sales from its display business, which caters to television, PC and smartphone makers, rose nearly 50 percent to $ 677 million and handily beat analysts estimates of $ 452 million.
“There is huge demand for new display technology, while … average screen sizes for both TVs and mobile devices are growing considerably,” Chief Executive Gary Dickerson said on a post-earnings call.
Revenue from its semiconductor business, the company’s largest, rose 14.3 percent to $ 2.43 billion, topping analysts’ estimate of $ 2.13 billion.
Reporting by Laharee Chatterjee in Bengaluru; Editing by Savio D’Souza