Production to increase in Mexico, Samsung invests $500 mln

According to Mexican Foreign Minister Marcelo Ebrard, Samsung Electronics would invest $500 million in Mexico to boost domestic appliance manufacture.

Ebrard stated on Twitter that the investment will be made in Queretaro, a city in central Mexico, and Tijuana, a city on the northern border. He claimed to have spoken with Han Jong-Hee, the organization’s CEO.

With a 15% year-over-year increase, Samsung Electronics Co. Ltd. is expected to have its greatest April–June profit since 2018, offsetting decreased sales to smartphone manufacturers who are struggling with inflation thanks to persistent demand from server customers for its memory chips.

According to a Refinitiv SmartEstimate from 24 analysts, operating profit for the world’s largest manufacturer of smartphones and memory chips increased to 14.46 trillion won ($11.2 billion) in the quarter from 12.57 trillion won a year earlier.

An average of seven estimations indicates that its chip earnings likely increased by 49% to 10.3 trillion won. About half of the revenues made by the South Korean computer behemoth come from its semiconductor division.

According to analyst Park Sung-soon at CAPE Investment & Securities, U.S. data center companies including Amazon, Microsoft, Alphabet’s Google, and Meta are anticipated to keep purchasing “to accommodate rising demand for cloud services.”

In comparison to 2018, these firms’ chip stockpiles are not that big, Park continued.

Latest articles

Singapore to see horse race after over 180 years

The sport of horse racing in Singapore, which has a history spanning over 180 years, is about to end. The only racetrack in the teeny-tiny...

US slaps fine of $1.1m to British Airways

The United States government has levied a charge against British Airways for $1.1 million (or £878,000), alleging that the airline did not give passengers...

45 bags of human remains found in Mexico

The police in Mexico discovered 45 bags containing human remains in a ravine outside of Guadalajara, located in western region of country. When the bodies...

Was diagnosed with autism: Music icon Sia

Sia has recently come forward with the news that she has been diagnosed with autism, this coming two years after she issued an apology...

Related articles