Samsung faces lowest profit in 14 years, will cut chip production
By MYBRANDBOOK
Samsung Electronics would make a "meaningful" cut to chip production, as it witnesses a sharp global downturn in semiconductor demand that has sent prices plummeting. Operating profit plunged over 95% to 600 billion won ($455 million) for the quarter ended March, missing the analysts' estimate of 1.4 trillion won. The company did not disclose the size of the planned production cut.
Samsung 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. It was the lowest profit for any quarter in 14 years.
Its chip division is likely to report a record loss of 2.1 trillion won ($1.6 billion), according to an average of analyst forecasts, and post another 2 trillion won loss in the current quarter, a major divergence for what had been Samsung's most important cash cow, generating about half of its profits in better years.
Samsung said it was still making long-term investments in infrastructure and research to secure needed clean rooms for chip production and expand its technological lead. It did not say how its 2023 investment plans would be affected, having previously flagged capital spending similar to the 53.1 trillion won investment in 2022.
As per analysts Samsung's production cut might improve its performance slightly in the current quarter and could also cement or hasten the rebound of memory chip prices.
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