Samsung Electronics axing memory chip production amid huge profit loss prediction
Samsung Electronics is stopping its memory chip production after estimating a drop of 96 per cent in its quarterly operating profit. The chip-making titan said sales had plunged due to slow global economy and less demand after the Covid pandemic. Samsung also said its preliminary numbers showed operating profits fell £366 million from January to March. It added: “We are lowering the production of memory chips by a meaningful level, especially that of products with supply secured.” Analyst Peter Hanbury from management consultancy Bain and Company told the BBC: “When the overall economy slowed ...