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Dave Vellante's Breaking Analysis: The complete collection - SiliconANGLE

Dave Vellante's Breaking Analysis: The complete collection - SiliconANGLE

(Bloomberg) -- Samsung Electronics Co. reported better-than-projected earnings, driving anticipation that global tech spending is beginning to climb out of a post-Covid funk.Most Read from BloombergPowell Has Stopped Handing Gifts to Wall Street on Fed DayHunter Biden Plea Deal in Limbo After Judge Questions TermsFed Raises Interest Rates to 22-Year High, Leaves Door Open for MoreSubway Offers Free Sandwiches That Come With a Lifetime CommitmentMitch McConnell Freezes at Start of News Conference

The company, one of the biggest makers of computer hard drives, said it expected current-quarter revenue to be $1.55 billion, plus or minus $150 million. The "performance reflected the uneven pace of economic recovery in China, cloud inventory digestion, and cautious enterprise spending amid the uncertain macroeconomic environment," CEO Dave Mosley said.

According to the International Monetary Fund’s recent regional report, the economy in Asia is poised for growth in 2023.

Dave Vellante's Breaking Analysis: The complete collection - SiliconANGLE

IT companies have warned of more pain as businesses striving to cut costs in the face of rising inflation snip tech budgets, hurting the industry that saw rapid growth during the COVID-19 pandemic when businesses rushed to adopt hybrid work.

Dave Vellante's Breaking Analysis: The complete collection - SiliconANGLE

Dave Vellante's Breaking Analysis: The complete collection - SiliconANGLE

Dave Vellante's Breaking Analysis: The complete collection - SiliconANGLE