{"id":89115,"date":"2023-04-07T17:06:35","date_gmt":"2023-04-07T17:06:35","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/samsung-to-cut-chip-production-with-profit-down-96"},"modified":"2023-04-07T17:38:19","modified_gmt":"2023-04-07T17:38:19","slug":"samsung-to-cut-chip-production-with-profit-down-96","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/samsung-to-cut-chip-production-with-profit-down-96","title":{"rendered":"Samsung to cut chip production with profit down 96%"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>Samsung Electronics will cut memory chip production in the short term after estimating a 96% plunge in its quarterly profit amid the chip downturn.<\/p>\n

The South Korean tech giant’s preliminary figures showed operating profit dove 600 billion won ($455 million) in January-March, from 14.12 trillion won a year earlier, the Yonhap News Agency reported on Friday.<\/p>\n

The world’s largest chip producer said this stemmed from a slowdown in the global economy and lower demand for tech devices along with customers’ inventory adjustments.<\/p>\n

“We are adjusting memory output to a meaningful level for products (so) that we have secured enough inventory to deal with future demand,” the tech giant said.<\/p>\n

The company’s shares gained more than 4% after the news it would cut chip-making.<\/p>\n

“While we have adjusted our short-term production plan, we will continue to invest in infrastructure to secure clean rooms and expand R&D expenditures to strengthen our technology leadership as we forecast solid demand in the medium and long term,” it said.<\/p>\n

Samsung’s sales are projected to fall 19% year-on-year to 63 trillion won ($47.7 billion) in the first quarter of this year.<\/p>\n

For More News And Analysis About Kenya<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. Samsung Electronics will cut memory chip production in the short term after estimating a 96% plunge in its quarterly profit amid the chip downturn. The South Korean tech giant’s preliminary figures showed operating profit dove 600 billion won ($455 million) in January-March, from 14.12 trillion won a year earlier, the Yonhap News […]<\/p>\n","protected":false},"author":84,"featured_media":89114,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,9],"tags":[6857,7003,544,9582],"class_list":["post-89115","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-miscellaneous","tag-africa-press","tag-africa-press-kenya","tag-kenya","tag-samsung"],"yoast_head":"\nSamsung to cut chip production with profit down 96% - kenya<\/title>\n<meta name=\"description\" content=\"Samsung Electronics will cut memory chip production in the short term after estimating a 96% plunge in its quarterly pro ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/all-news\/samsung-to-cut-chip-production-with-profit-down-96\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Samsung to cut chip production with profit down 96%\" \/>\n<meta property=\"og:description\" content=\"Samsung Electronics will cut memory chip production in the short term after estimating a 96% plunge in its quarterly pro ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/all-news\/samsung-to-cut-chip-production-with-profit-down-96\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-07T17:06:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-07T17:38:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/04\/postQueueImg_1680871025.63.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"864\" \/>\n\t<meta property=\"og:image:height\" content=\"486\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/samsung-to-cut-chip-production-with-profit-down-96#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/samsung-to-cut-chip-production-with-profit-down-96\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Samsung to cut chip production with profit down 96%\",\"datePublished\":\"2023-04-07T17:06:35+00:00\",\"dateModified\":\"2023-04-07T17:38:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/samsung-to-cut-chip-production-with-profit-down-96\"},\"wordCount\":203,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/samsung-to-cut-chip-production-with-profit-down-96#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/04\/postQueueImg_1680871025.63.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Kenya\",\"Kenya\",\"Samsung\"],\"articleSection\":[\"all news\",\"miscellaneous\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/all-news\/samsung-to-cut-chip-production-with-profit-down-96#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/samsung-to-cut-chip-production-with-profit-down-96\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/samsung-to-cut-chip-production-with-profit-down-96\",\"name\":\"Samsung to cut chip production with profit down 96% - 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