Apr 7, 2023
Samsung to cut chip production after profits plunge 96%
Samsung Electronics will cut memory chip production after announcing a 96% drop in its quarterly operating profit. The world's largest chip producer said sales had dropped sharply due to a slow global economy and less demand after the pandemic. "We are lowering the production of memory chips by a meaningful level, especially that of products with supply secured," the South Korean tech giant said. The industry is now recovering from a chip shortage over the past couple of years, but many semiconductor manufacturers are struggling to find a balance between their inventories and current demand. Samsung, the world's biggest maker of televisions, tablets and smartphones, had resisted the move to cut memory chip production compared to its competitors.
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