Samsung Electronics

Samsung Electronics said Friday it's cutting the production of its computer memory chips in an apparent effort to reduce inventory as it forecasted another quarter of sluggish profit. The South Korean technology giant in a regulatory filing said it has been reducing the production of certain memory products by unspecified meaningful levels to optimize its manufacturing operations, adding it has sufficient supplies of those chips to meet demand fluctuations. The company predicted an operating profit of 600 billion won ($455 million) for the three months through March, which would be a 96% decline from the same period a year earlier. It said it sales during the quarter likely fell 19% to 63 trillion won ($47.7 billion). Samsung, which will release its finalized first quarter earnings later this month, said the demand for its memory chips declined as a weak global economy depressed consumer spending on technology products and forced business clients to adjust their inventories to nurse

Samsung has said its strategy historically has been to keep spending during downturns to increase its competitive position

The total number of employees at Samsung DSA is 1,200, of which 30 employees have been removed

Yet, a look at the Indian units of long-established multinationals shows how much help the industrial sector will need

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Samsung on Thursday said that all Galaxy S23 series smartphones sold in India will be manufactured at the company's Noida factory

Samsung is expected to launch the Galaxy S23 series smartphones and Galaxy Book3 series laptops at its first Galaxy Unpacked event on February 1, 2023

Tech giant Samsung will launch the Galaxy S23 series alongside Galaxy Book 3 lineup at its much-awaited 'Galaxy Unpacked' event on Wednesday

South Koran tech giant Samsung is expected to announce its Galaxy Book3 series alongside the much-anticipated Galaxy S23 lineup during this year's Unpacked event on February 1

Samsung will reportedly bring its streaming application, TV Plus, to other manufacturers' TVs

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"The fab will be finished within this year and start producing the best products next year," he added

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The crisis in the memory chip market has been further exacerbated by US sanctions on some chip-related exports to China, hurting demand from some of Samsung's key clients