Samsung cuts memory chip production as it hits worst quarterly profit since 2009

News Summary

  • At the same time, its peers, such as Micron Technology, Kioxia and SK Hynix have cut their memory chip production to counter oversupply.Samsung held the largest global market share of 40.7% and 31.4 % in DRAM memory chips and NAND flash memory, respectively, in the third quarter of 2022.
  • Samsung Electronics plans to cut back memory chip production as its operating profit in the first quarter of 2023 is expected to plummet about 96% from the previous year.
  • While the company will release its results later this month, data compiled by Bloomberg suggests that analysts were expecting the company to post 1.4 trillion won quarterly profit for Q1.
Samsung Electronics plans to cut back memory chip production as its operating profit in the first quarter of 2023 is expected to plummet about 96% from the previous year. This will be the lowest prof [+2082 chars]