Samsung faces weakest quarter since 2009 as memory chip market in 'worst slump in decades'
Publishing timestamp: 2023-04-24 06:23:09
Summary
Samsung is expected to report its lowest profit since 2009 due to falling prices for memory chips, its biggest business, and weak demand. The pandemic led to high demand for consumer electronics and memory chips, but now buyers are cutting back on purchases due to inflation and macroeconomic concerns, leading to a glut of memory chips. Samsung has cut production of its memory chips to a "meaningful level" and investors hope this will help boost prices. However, analysts caution that memory chip losses are expected to persist in the coming quarters as inventories remain high and tech demand remains muted.
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Keywords: semiconductor device manufacturing, economy, world economy, business news, micron technology inc, technology, earnings,