29 July, 2017, 12:00 am
Company profit soars
SEOUL – Samsung Electronics Co Ltd said a memory chip boom that propelled it to record profit in the second quarter is likely to continue in the third, just as revenue is widely expected to benefit from sales of OLED screens to Apple Inc.
The world’s biggest maker of memory chips, smartphones and TVs is set to smash its annual profit record after better-than-forecast performance in its mobile business lifted April-June profit slightly above its early-July guidance, analysts said.
Verizon Communications Inc reported quarterly revenue that topped expectations on Thursday as the number one US wireless carrier attracted more subscribers with its unlimited data plan. Shares jumped 3.6 per cent to $46.01 in pre-market trading.
FRANKFURT – Deutsche Bank forecast lower full-year revenue and only a modest improvement in earnings on Thursday, after a drop in capital markets trading hit second-quarter sales. The muted outlook and a 10 per cent fall in revenue sent shares in Germany’s biggest bank almost 4 per cent lower by midday on concerns its turnaround could prove a long slog rather than a quick fix.
Price hikes and strong demand helped Dow Chemical Co beat Wall Street estimates in its last quarter before the chemicals giant merges with DuPont.
The $130 billion Dow-DuPont merger is on track to close next month, after which the new company is likely to break up into three independent, publicly-traded units.