Samsung said the plummet in memory demand was due to a weak world economy and customers slowing purchases as they focused on using up stockpiles of chips they built up over the global health crisis.
It’s set to be the South Korean giant’s lowest profit for any quarter in 14 years, coming as a sharp downturn in the semiconductor market deepens. It plans to make a “meaningful cut” in chip production, after flagging a worse-than-expected plunge in profits over the first quarter.Ī likely 96% drop in Q1 operating profit was revealed in a short preliminary earnings statement on Friday. STORY: A rare announcement by electronics maker Samsung on Friday:
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