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.
Investors speculated the move by the industry leader would support chip prices that had fallen by about 70 percent over the last nine months….