Samsung earnings soar on smartphone sales rebound, US sanctions on Huawei

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Samsung predicts its profit jumped nearly 60% last quarter, suggesting it could soon retake its position as the world’s top smartphone seller from embattled Chinese rival Huawei.



a person standing in front of a mirror: A man wearing a protective mask walks past an advertisement for the Samsung Electronics Co. Galaxy Z Fold2 5G and Z Flip 5G smartphones at the company's D'light flagship store in Seoul, South Korea, on Tuesday, Oct. 6, 2020. Photographer: SeongJoon Cho/Bloomberg via Getty Images


© Cho/Bloomberg via Getty Images
A man wearing a protective mask walks past an advertisement for the Samsung Electronics Co. Galaxy Z Fold2 5G and Z Flip 5G smartphones at the company’s D’light flagship store in Seoul, South Korea, on Tuesday, Oct. 6, 2020. Photographer: SeongJoon Cho/Bloomberg via Getty Images

The South Korean conglomerate said on Thursday that it expects to make an operating profit of roughly 12.3 trillion won ($10.6 billion) for the July-September quarter. That’s up 58% from the same period a year ago. The estimates also beat the 26% profit bump analysts polled by data provider Refinitiv had predicted.

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Samsung said it expects sales for the third quarter will rise about 6% to 66 trillion won ($57 billion). Analysts polled by Refinitiv had predicted 63 trillion won in sales ($54.5 billion).

Shares in Samsung were last trading down 0.2% in Seoul.

Samsung, which did not elaborate on earnings, will report full results for the third quarter at the end of this month.

Earlier this year, the company was displaced by Huawei as the world’s top smartphone seller as the coronavirus pandemic weighed on the global economy. Most of Huawei’s sales are in China, which has recovered faster than other countries.

But the slump may now be easing for Samsung, just as fresh sanctions on Huawei leave the Chinese company struggling to survive. Washington says Huawei poses a national security risk and has cut the Chinese company off from key suppliers that use US technology and software. Huawei has repeatedly denied that its products pose national security risks.

For Samsung, a sharp rise in smartphone sales will drive a

US stocks climb as mega-cap tech companies soar on stimulus hope

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Trader NYSE green


  • US stocks climbed on Thursday on continued fiscal stimulus negotiations, led by mega-cap tech giants like Alphabet, Amazon, and Microsoft.
  • House Speak Nancy Pelosi and Treasury Secretary Steve Mnuchin had multiple conversations on Thursday, as the two try to work out a fiscal stimulus deal before the upcoming recess in Congress.
  • Any fiscal stimulus deal will include another round of direct stimulus checks, according to Mnuchin.
  • Initial weekly jobless claims fell to 837,000, which was lower than expected and suggested that the economic recovery is trudging along.
  • Watch major indexes update live here.

US stocks climbed on Thursday, led by mega-cap tech giants like Alphabet, Microsoft, Apple, and Amazon.

Stocks were boosted by continued hope of another round of fiscal stimulus being passed by Congress ahead of their upcoming recess. House Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin had multiple conversations throughout the day.

Any fiscal stimulus deal will include another round of direct stimulus checks, according to Mnuchin.

Also helping the markets on Thursday was a Labor Department report that said initial weekly jobless claims fell to 837,000 last week, better than the consensus estimate of 850,000 and lower than the previous week’s reading of 873,000.

Here’s where US indexes stood at the 4 p.m. ET close on Thursday:

Read more: US Investing Championship hopeful Evan Buenger raked in a 131.9% return through August. He shares the distinct spin he’s putting on a classic trading strategy that’s led to his outsize returns.

The SPAC craze continued on Thursday, with Playboy set to go public on Thursday via a merger with Mountain Crest valued at $381 million. Additionally, the first SPAC ETF began trading today under the symbol SPAK. The ETF owns a basket of blank check companies that have and have not found a

Ashley Madison: Extramarital affairs soar in pandemic with technology’s help

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Shortly after the lockdown began, the Ashley Madison “married dating” site saw an uptick in members. Today, more than 21,000 people are signing up each day for the online membership service, up from 17,000 a day in March. That’s on top of a worldwide base of 65 million members around the world in 2019.

Thanks to modern technology, lockdown has not put an end to extramarital affairs. Though some cheating has gone virtual, many married daters are still meeting their affair partner in person. In fact, 90% of the site’s members conduct affairs over their smartphones, even though 29% of spouses know each other’s passwords, said Dr. Tammy Nelson, a sex and relationship therapist who has studied the results.

“We’re in such unprecedented catastrophic times,” Nelson said. “It’s so apocalyptic that you have got to have something to look forward to.”

However, those having affairs are taking precautions. From now until there is a cure or vaccine for the novel coronavirus, 65% of cheaters are likely to be more selective about who they go on in-person dates with, and 56% are likely to get creative with socially distanced date ideas. During these dates, 41% of cheaters regularly use hand sanitizer, 36% avoid crowds, and 11% stick to outdoor dates only.

The vast majority of Ashley Madison members have said that having affairs keeps them married. In an effort to understand the motivations behind choosing infidelity over divorce during a pandemic and how marriage will be impacted in the future, the company conducted several surveys of its members. The results backed up Ashley Madison’s belief that marriage is a pragmatic arrangement that offers inherent value despite a partner often failing to provide all the love, support, and desire a partner needs.

Above: Couples are having a hard time during the pandemic.