Samsung Electronics Co. Ltd. said on Friday it is implementing a “meaningful” cut in its chip production after profits plunged, and after smaller companies also announced cuts in chip production.
According to a Samsung press release published Friday, the largest memory chipmaker had a profit of 600 billion Korean won ($455 million) for its first quarter of 2023. In the first quarter of 2022, it had a profit of 14 trillion won ($10.6 billion), and in the fourth quarter of 2022, it had a profit of 4 trillion won. This was the biggest decline in profits for the company in 14 years.
