But smartphone performance was better.
is typically its largest profit driver, contributed to Samsung’s quarterly operating profit plunging 95 percent in the quarter to 640 billion won .
A few different factors contributed to Samsung’s losses at its memory chip division. Smartphone and PC makers stockpiled chips during the pandemic as a hedge against supply issues as demand boomed, but have since been left with large inventory excesses as consumer demand has dropped off amidst high inflation and broader global economic uncertainties.Samsung hopes that the chip business will start to pick up in the second half of this year.
But the company doesn’t plan to cut memory chip investment in the same way. “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. Investment levels in 2023 are expected to be broadly consistent with last year.
It wasn’t all bad news for the South Korean electronics giant. Profit at its smartphone division, which saw the launch of the
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