While DRAM Demand Remained Tight, Samsung Missed our Forecast Because of Sluggish Smartphone Sales
Samsung Electronics disclosed its preliminary result for the June quarter, which was below our forecast by 4% on revenue and 5% on operating income. While the company does not disclose the breakdown at this point, we believe the sluggish smartphone sales is the main reason of the shortfall. We estimate that NAND price continued to decline, as the improvement on 3D NAND production enabled larger output, while demand growth was limited. Meanwhile, we believe solid demand from servers contributed t...
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