Samsung Electronics Co Ltd 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.
Traffic passes a Samsung Electronics Co digital billboard in the Times Square area of Manhattan in New York City, U.S. March 2, 2023. REUTERS/Chris Helgrensaid 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.
"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," the company said in a statement. 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.The first-quarter profit fell short of a 873 billion won Refinitiv SmartEstimate, weighted toward analysts who are more consistently accurate. Multiple estimates were revised down earlier this week.
With consumer demand for tech devices sluggish due to rising inflation, semiconductor buyers including data centre operators and smartphone and personal computer makers are refraining from new chip purchases and using up inventories.
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