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South Korea-based technology giant Samsung reported its earnings in the first quarter of 2023. The company had a terrible time for memory chips amid falling demand and excess
South Korea-based technology giant Samsung reported its earnings in the first quarter of 2023. The company had a terrible time for memory chips amid falling demand and excess inventory. So much so that in memory chips, which is normally the area where it makes the most profit. 3.4 billion There was a dollar loss.
In addition, the company’s operating income in the first three months of the year is approx $478 million reported falls. This is compared to last year up to a 95% drop corresponds.
In fact, Samsung signaled this drop in its preliminary earnings call earlier this month. The technology giant, which was below the estimates, announced that it would reduce the production of memory chips after the downturn.
Several factors are behind Samsung’s losses. Smartphone and PC manufacturers are grappling with soaring demand during the pandemic. they stocked up on chips. However, the economic problems experienced around the world have resulted in a wide variety of electronic products. stagnation of demand As a result, memory prices fell. The company’s move to cut production was also described as an important step in ending the supply glut.
Samsung on the other hand in the second half of the year the chip segment starts to recover. He said he hoped. At this time of year, current inventories are expected to run out and the launch of smartphones and PCs are expected to boost demand. Apart from this, it should be added that the company’s plan to reduce chip production is short term and solid demand is expected in the medium and long term.
The company didn’t get all the bad news last quarter. The smartphone division has had a good period in terms of profit in recent months with the introduction of the Galaxy S23 series, although revenues declined. The profit here is compared to last year. an increase of 3% to approximately $2.9 billion rose. A report published in recent weeks already showed that Samsung overtook Apple as the most preferred smartphone brand in the first quarter.
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Source: Web Tekno
Alice Smith is a seasoned journalist and writer for Div Bracket. She has a keen sense of what’s important and is always on top of the latest trends. Alice provides in-depth coverage of the most talked-about news stories, delivering insightful and thought-provoking articles that keep her readers informed and engaged.
