Samsung Electronics Co Ltd's first-quarter profit is expected to plunge 92% to the lowest for any quarter in 14 years, as a chip glut worsens. theSun theSundaily Samsung Electronic economy investment
A woman is seen using a handphone behind the logo of Samsung Electronics at its office building in Seoul. – ReuterspicSamsung Electronics Co Ltd's first-quarter profit is expected to plunge 92% to the lowest for any quarter in 14 years, as a chip glut worsens and buyers like data centres and computer makers slow purchases amid a global economic slowdown.
Samsung, the world'’s biggest maker of memory chips, TVs and smartphones as of 2022, is a bellwether for global consumption trends. It is expected to announce preliminary first-quarter results on Friday and full results later this month, in what is typically a seasonally weak period. That is lowest since a 590 billion won profit in the first quarter of 2009, according to company data, and compares with an operating profit of 14.12 trillion won last year.
Clients including data centre operators, smartphone and personal computer makers are refraining from buying new chips and instead using up inventories, as consumer demand for tech devices remains sluggish due to rising inflation.Rivals Micron Technology and SK Hynix have slashed investment plans as a result, expecting the chip downturn to last at least until the second half of 2023.
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