Samsung Electronics/Handout via REUTERS THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY/File Photo Samsung Electronics/Reuters/FILE The production cut signal is unusually strong for Samsung, which previously said it would make small adjustments like pauses for refurbishing production lines but not a full-blown cut.įILE PHOTO: A view shows Samsung Electronics' chip production plant at Pyeongtaek, South Korea, in this handout picture obtained by Reuters on September 7, 2022. “We are lowering the production of memory chips by a meaningful level, especially that of products with supply secured,” it added, in a reference to those with sufficient inventories. “Memory demand dropped sharply … due to the macroeconomic situation and slowing customer purchasing sentiment, as many customers continue to adjust their inventories for financial purposes,” it said in the statement. It was the lowest profit for any quarter in 14 years. (SSNLF) estimated its operating profit fell to 600 billion won ($455.5 million) in January-March, from 14.12 trillion won a year earlier, in a short preliminary earnings statement. Shares in the world’s largest memory chip and TV maker rose 3% in early trading, while rival SK Hynix shares surged 5% as investors welcomed plans to cut production to help preserve pricing power. Samsung Electronics said on Friday it would make a “meaningful” cut to chip production after flagging a worse-than-expected 96% plunge in quarterly operating profit, as a sharp downturn in the global semiconductor market worsens.
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