Flextronics Has Profit; Stock Lower
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Flextronics International Ltd.,  the No. 1 contract electronics manufacturer, on Monday posted a  quarterly profit helped by strong sales of consumer electronics  equipment, but issued a forecast that fell short of estimates,  sending shares down nearly 8 percent.
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U.S. stocks opened lower on Thursday,  weighed down by disappointing earnings from eBay Inc. and a  lower-than-expected profit forecast from Qualcomm Inc. .
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The company has signalled profits of between Â£285 million and Â£295 million, down on Â£311 million a year ago, following a poor run of sales.
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Applied Materials Inc  on Tuesday posted a lower quarterly profit as revenue declined 8 percent amid a slump in the semiconductor equipment manufacturing industry.
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Flextronics , the world's  largest contract electronics manufacturer, posted on Tuesday a  jump in quarterly profit from a year ago, when results were  weighed down by charges.
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(InfoWorld) - Samsung Electronics saw a sharp fall in operating profits during the three months from April to June due to theÂ weak marketÂ for computer memory chips. Prices of the chips, which are used for the main memory in personal computers, fell because supply exceeded demand. That hit Samsung because it's one of the world's largest makers of DRAM (dynamic RAM) chips. The company said operating profit was 910 billion won ($985 million) as of the last day of the period being reported), which is down from 1.4 trillion won ($1.5 billion) in the second quarter of 2006. Net profit, which is a wider measure of profitability and includes subsidiaries and non-core operations, was down slightly at 1.42 trillion won from 1.5 trillion won a year earlier. Net sales were up 4 percent to 14.6 trillion won. "Despite the dire business environment, such as the precipitous fall of DRAM (dynamic RAM) prices and seasonality, we have posted a decent result in Q2," said Chu Woosik, head of investor relations at Samsung, in a conference call with analysts. Profits at Samsung's semiconductor unit dropped by two-thirds as a result of the weak DRAM market. The good news, said Chu, is that the DRAM market is already starting to show signs of a turn-around, thanks to interest in Windows Vista PCs, which require more memory. During the remainder of the year the market for DRAM chips is expected to be strong, he said. Strong demand for Apple's iPhone and competing handsets are alsoÂ expected to keep up pricesÂ and profits for NAND flash memory, which is Samsung's other major memory chip product, strong. Chu said Samsung is in talks with several consumer electronics companies about supplying chips for as-yet-unannounced portable media players with video. Samsung's cellphone handset business was one of the brightest spots in the results. The company shipped a record 37.4 million phones in the quarter thanks to the popularity of its thin "Ultra" edition handsets. The second quarter was the fourth consecutive quarter in which Samsung reported record sales. As a result Samsung said it now expects to ship more than 150 million phones this year, up from its previous target of 133 million. The LCD (liquid crystal display) business enjoyed brisk business and Samsung shipped a record 2 million displays in the 40-inch and above class. Sales rose by 17 percent and operating profits surged 290 percent. Looking ahead, Chu said Samsung expects the remainder of the year to be strong for the company. "We are very optimistic about the second half," he said. "We are expecting all of our major business units to experience very high levels of demand and recovery starting from Q3. As a result of such an improvement coupled with our vigorous attempts to reduce cost, we are hoping to see significant improvements in the bottom line in Q3. We expect this nice recovery to last throughout the rest of the year." Â
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Tool maker Black & Decker Corp  said on Thursday quarterly profit fell due to the weak U.S. housing market and higher commodity prices.
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Shares of ESS Technology (ESST.O: Quote, Profile, Research) , a maker of computer chips for DVD equipment, fell 4.4 percent in premarket trading on Monday after the company lowered its third-quarter revenue and earnings
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Consumer electronics retailer Circuit City reported lower-than-expected earnings on Thursday after it cut prices on flat-panel TVs and computers.
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Contract electronics manufacturer Flextronics International Ltd  posted an adjusted third quarter profit that beat Wall Street forecasts on Tuesday, and reaffirmed its earnings and sales forecasts, sending its stock up nearly 5 percent.
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The investment firm posts a strong profit report, but shares slid.
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Samsung said Friday that second-quarter net profit fell 5 percent from a year ago on price declines for its mainstay computer memory chips, but expressed confidence a rebound in the market would bolster earnings.
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Asset manager Federated Investors (FII.N: Quote, Profile, Research) on Thursday reported lower quarterly profits as the firm&#39;s assets declined in difficult market conditions.
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Profit soared at technology conglomerate Philips Electronics NV in the third quarter but sales of consumer electronics were weak and the outlook for computer chips is gloomy, the company said.
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Samsung saw a sharp fall in operating profits due to the weak market for computer memory chips.
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Profit taking after Wall Street's nine-session rally pushed stocks slightly lower Monday even as oil prices continued their downward trend.
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The company said on Friday that its profit fell on price declines for its mainstay computer memory chips, but expressed confidence a rebound in the market would bolster earnings.