Samsung Elec posts 1st qtly earnings drop in nearly 3 years on demand slump

SEOUL -Samsung Electronics Co Ltd flagged a worse-than-expected 32 per cent drop in quarterly operating earnings on Friday, as demand for electronic devices and the memory chips that power them shrank due to an economic downturn.

This has led memory chip buyers such as smartphone and PC makers to reduce purchases and use up existing inventory, driving down shipments and ushering in an industry downcycle. Samsung is currently not discussing a memory chip production cut, an executive told reporters in the United States on Wednesday, according to Yonhap news agency.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

SoftBank makes no Arm investment proposal to Samsung-reportSEOUL : SoftBank Group Corp founder and CEO Masayoshi Son discussed on Tuesday a long-term cooperation between chip designer Arm and Samsung Electronics, but did not propose the South Korean firm to invest in the British company, a local media reported on Wednesday.The billionaire, who is making his first
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »