You can’t get a pardon for failing to see the chip glut.
. It’s just not the staggering 14.12 trillion Korean won raked in last year at this time.
As a result, Samsung says it’s cutting memory chip production to a “meaningful level” to address the oversupply. “We have cut short-term production plans, but as we project solid demand for the mid-to-long term, we will continue to invest in infrastructure to secure essential cleanrooms and to expand R&D investment to solidify tech leadership,” Samsung said in a statement.
One bright spot for the quarter was the new Galaxy S23 series, with sales of about 11 million units. That’s up by 50 percent compared to its predecessor, according to Hanwha Investment & Securities analyst Kim Kwangjin asSamsung will issue its final financial statement in a few weeks, but it typically diverges very little, if at all, from preliminary guidance.