Samsung flags chip recovery, shrinking phone market amid coronavirus outbreak

SEOUL - Samsung Electronics Co Ltd said on Wednesday the coronavirus pandemic would hurt sales of smartphones and consumer electronics this year, while demand from data centers would fuel a recovery in memory chip markets.

“The global smartphone market was expected to turn to growth this year, but with virus showing signs of being prolonged, the smartphone market is contracting. But 5G smartphone demand is expected to rise,” Koh Dong-jin, president of Samsung’s mobile and network business, told the annual general meeting in Seoul.

At the same time, Kim said he expected chipmakers to focus on upgrading manufacturing processes rather than expanding capacity this year, limiting supply.SHAREHOLDERS SCANNED

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