updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131The U.S. PCE inflation data have come in above expectations, signaling that inflation may be on the rise again. Bitcoin notably declined on the back of the data release, which strengthens the case for the Fed to hold interest rates steady for a while. U.S. PCE Inflation Rises To 2.9% In December According to the
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]]>The U.S. PCE inflation data have come in line with expectations, signaling that U.S. inflation remains elevated. Bitcoin reacted to the inflation data release, with the flagship crypto down on the day. U.S. PCE Inflation Matches Estimates, Bitcoin Weakens Bureau of Economic Analysis data shows that the November PCE came in at 2.8% year-over-year (YoY),
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]]>The U.S. CPI inflation came in well below expectations, providing a bullish outlook for Bitcoin and the broader crypto market. BTC sharply reacted to the data release, which could pave the way for more rate cuts from the Federal Reserve. U.S. CPI Inflation Comes In Below Expectations, Bitcoin Price Rises Bureau of Labor Statistics (BLS)
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]]>The U.S. PPI inflation data for September has come in higher than expectations, providing a bearish outlook for Bitcoin. The flagship crypto quickly dropped after the PPI report, which could cast doubt on another rate cut at the December FOMC meeting. September PPI Inflation Comes In Hot, Bitcoin Drops Bureau of Labor Statistics data shows
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]]>The August U.S. PCE inflation data has dropped in line with expectations, although it suggests that inflation remains sticky and way above the Fed’s 2% target. Bitcoin quickly rose on the back of the data release, but has already lost some of these gains. PCE Inflation Rises In Line With Expectations, Bitcoin Rises Bureau of
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]]>The August U.S. CPI inflation data have come in line with expectations, which further strengthens the case for a rate cut at next week’s FOMC meeting. Bitcoin had sharply dropped on the back of the data release, but is now looking to hold above the $114,000 level. U.S. CPI Inflation Comes In Line With Expectations,
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]]>Chinese chip powerhouse SMIC saw Q1 revenue fall to $1.46 billion as it continues to withstand chip shortages and US trade sanctions.
Semiconductor Manufacturing International Corporation (SMIC) has seen its revenue fall according to its latest quarterly figures. On Friday, the Chinese chipmaking giant posted revenue of $1.46 billion for Q1 2023 amid challenging macroeconomic parameters. In addition to being down 20.6% year-on-year (YoY), SMIC’s latest revenue haul represents the first income deficit in over three years. The last time the Shanghai-based semiconductor maker experienced a sales decline was in Q3 2019.
SMIC’s revenue fall also extended to its net profit, which plunged 48% YoY to $231.1 million. As mainland China’s largest contract chip maker, SMIC hopes to eventually catch up with regional rivals, especially Taiwan Semiconductor Manufacturing Company (TSMC). However, SMIC’s ambitions to boost China’s domestic semiconductor industry suffered a setback when the company incurred US sanctions in 2020. At the time, Washington placed SMIC on a trade blacklist called Entity List, effectively cutting the leading East Asian chipmaker off from essential production resources. As a result, SMIC has struggled to manufacture more advanced, cutting-edge semiconductors competitively.
Despite production trailing TSMC and Samsung, as well as constraints posed by US sanctions, SMIC posted record revenue throughout last year. In February, the company reported a full-year 2022 revenue of $7.2 billion, representing a 34% increase from last year. Furthermore, SMIC saw a gross margin of 38%, its second year of sales growth above 30%.
SMIC executives attributed the latest income drop to waning demand due to the sustained chip shortage. On an earnings call, the company’s co-chief executive Zhao Haijun admitted that prospects for recovery in the year’s second half remained unclear. SMIC’s declining earnings also came amid business and operational outlook revisions by other leading chip manufacturers such as TSMC and Samsung.
The impact of the global chip glut saw TSMC recently update its 2023 revenue forecast from slight growth to a lower single-digit decline. Meanwhile, US semiconductor powerhouse Intel (NASDAQ: INTC) anticipates a loss of 4 cents a share in Q2 2023. Intel’s grim outlook came after the Santa Clara-based company reported its most significant quarterly deficit last month. However, Intel CEO Pat Gelsinger remained optimistic at the time by focusing on bright spots in the chipmaker’s agenda. Emphasizing that Intel’s bleak first-quarter financial outing alluded to the company’s steady transformational progress, Gelsinger explained:
“While we remain cautious on the macroeconomic outlook, we are focused on what we can control as we deliver on IDM 2.0: driving consistent execution across process and product roadmaps and advancing our foundry business to best position us to capitalize on the $1 trillion market opportunity ahead.”
Intel’s chief financial officer David Zinsner also assessed its performance, explaining that it surpassed top and bottom line expectations. Furthermore, at the time, the CFO added that Intel remained committed to exercising discipline in expense management. Zinsner said the tech giant would continue driving efficiencies and cost savings.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
Oil giant Saudi Aramco shares climbed 3.2% on Tuesday after the company posted a net income of $31.9 billion for Q1 2023.
Saudi Aramco recently posted its Q1 2023 earnings report, which showed a 19% decline in profit. The Middle Eastern oil giant realized a net income haul of $31.9 billion compared to $39.5 billion the previous year.
In March, Aramco reported a record net income of $161 billion for 2022, representing a 46.5% increase from 2021. At the time, company executives described the record profit as the “highest net income ever recorded in the corporate world”. Regardless, the Saudi Arabian Oil Group’s latest net income still beat analysts’ expectations of $30.5 billion for the quarter.
Analysts expected a dip in Saudi Aramco Q1 2023 net profit due to macroeconomic headwinds such as inflation and rising interest rates. Furthermore, falling oil prices and recession fears weighed heavily on the consensus estimate for the company’s first-quarter outing.
Aramco’s net profit for the first three months of the year was up 3.75% from the fourth quarter of 2022. According to the Dhahran-based company, its weaker earnings result was counterbalanced by reduced taxes, higher finance, and extra income. Meanwhile, shares climbed 3.2% in early deals in Riyadh.
Amid its Q1 2023 earnings development, Saudi Aramco said it would pay out its first-quarter dividend in the second quarter. Furthermore, the company’s investors stand to gain more proceeds, as the Q1 dividend was increased in the last quarter of 2022 to $19.5 billion. Aramco also revealed plans to start paying a performance-linked dividend on top of the base $19.5 billion allocation. According to the world’s largest oil exporter, it will earmark 50% to 70% of its free cash flow sum for this bonus dividend commitment. However, the Saudi petroleum and natural gas company pointed out that it will pay the performance-linked dividend quarterly. In addition, Aramco said payment would depend on performance for the given period and at the sole discretion of its board.
Aramco chief executive officer Amin Nasser touched on the company’s downstream interests and explained it heavily prioritizes that sector. Noting that the Middle Eastern oil corporation invested substantially in petrochemical and other related operations, Nasser added:
“We are leveraging cutting-edge technologies to increase liquids-to-chemicals capacity and meet anticipated demand for petrochemical products.”
The Saudi Aramco CEO also stressed the continued importance of hydrocarbons for global energy needs. In Nasser’s own words, they “believe oil and gas will remain critical components of the global energy mix for the foreseeable future”.
Nasser added that Aramco is forging ahead with its capacity expansion plans, and its long-term outlook remains the same.
In February, Aramco signed a memorandum of understanding with Web3 facilitator droppGroup to explore blockchain technology. The deal underscored the oil company’s plans to become an early adopter of the decentralized technology in Saudi Arabia.
A release revealed that Aramco seeks to leverage the new partnership with droppGroup to develop Web3-based applications. These applications will assist employees with onboarding, tokenized networks, rewards, and training ecosystems.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
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