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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Micron Technology, Inc.    MU

MICRON TECHNOLOGY, INC.

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Samsung's second quarter chip sales unlikely made up for smartphone weakness

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07/05/2020 | 09:35pm EDT
FILE PHOTO: The logo of Samsung Electronics is seen at its office building in Seoul

By Heekyong Yang

At Samsung Electronics Co Ltd, demand for its chips from data centres bulking up to meet a surge in work-from-home traffic was not likely enough to offset muted sales of its smartphones in the second quarter, analysts said.

The world's biggest supplier of DRAM and NAND memory chips on Tuesday will announce preliminary April-June revenue as well as operating profit, which it previously expected to show a decline.

Profit likely fell 4.5% to 6.3 trillion won (4.21 billion pounds) from the same period year earlier, according to Refinitiv SmartEstimate, which is weighted towards the more consistently accurate analysts.

Work-from-home orders and growth in online learning is underpinning chip demand amid the COVID-19 pandemic, prompting U.S. DRAM supplier Micron Technology Inc to forecast strong quarterly revenue last month.

Chips bring in roughly half of Samsung's profit. The rest is mainly smartphones, of which the South Korean firm is the world's largest maker.

"With improved demand, a spike in DRAM prices helped Samsung continue with a solid performance in the second quarter," said analyst Park Sung-soon at Cape Investment & Securities.

Those price increases were likely driven by data centres stockpiling chips and so are unlikely to continue, analysts said. Though DRAM prices jumped 14% in the quarter, they were flat in June versus May, showed data from DRAMeXchange.

"Until uncertainty stemming from the pandemic goes away, the sector's outlook isn't too positive," said CW Chung, Nomura head of research in Korea.

In smartphones, Hyundai Motor Securities estimated Samsung's operating profit fell 16% in April-June.

Gadget sales have fallen along with discretionary spending during the pandemic. Samsung's smartphone shipments hit a low in April and is likely to take time to recover, analysts said.

Samsung's display business - whose customers include Apple Inc and Huawei Technologies Co Ltd [HWT.UL] - is likely to post a second consecutive quarter of loss, analysts said.

The firm will likely release detailed earnings figures later this month.

(Reporting by Heekyong Yang; Editing by Sayantani Ghosh and Christopher Cushing)

Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. -0.86% 450.75 Delayed Quote.49.92%
HYUNDAI CORPORATION -3.29% 14700 End-of-day quote.-17.88%
HYUNDAI MOTOR COMPANY 1.73% 147000 End-of-day quote.21.99%
HYUNDAI MOTOR SECURITIES CO., LTD. -0.98% 10150 End-of-day quote.1.00%
MICRON TECHNOLOGY, INC. 0.08% 48.725 Delayed Quote.-5.08%
NOMURA CO., LTD. -1.27% 700 End-of-day quote.-51.89%
NOMURA HOLDINGS, INC. -0.12% 514.5 End-of-day quote.-8.68%
SAMSUNG ELECTRONICS CO., LTD. -0.86% 57500 End-of-day quote.3.05%
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Financials (USD)
Sales 2020 21 337 M - -
Net income 2020 2 708 M - -
Net cash 2020 2 359 M - -
P/E ratio 2020 20,6x
Yield 2020 -
Capitalization 54 106 M 54 106 M -
EV / Sales 2020 2,43x
EV / Sales 2021 2,01x
Nbr of Employees 37 000
Free-Float 93,1%
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Technical analysis trends MICRON TECHNOLOGY, INC.
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TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 37
Average target price 63,85 $
Last Close Price 48,70 $
Spread / Highest target 105%
Spread / Average Target 31,1%
Spread / Lowest Target -28,1%
EPS Revisions
Managers
NameTitle
Sanjay Mehrotra President, Chief Executive Officer & Director
Robert E. Switz Chairman
Manish Bhatia Executive Vice President-Global Operations
David A. Zinsner Chief Financial Officer & Senior Vice President
Scott J. DeBoer Executive Vice President-Technology & Products
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