Samsung, one of the biggest electronics brands in the world, is now struggling to handle its chip production arm as its shares plunge by 96%. The Korean giant is sitting on huge inventories after a build-up to meet the expected pent-up demand post-COVID did not materialise.

Samsung to cut chip production after profits hit 14-year low

Samsung has predicted another USD 3 billion-plus in lost profits over the next two quarters

As expected, Samsung posts 30% drop in profit

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samsung profit-plunge

Samsung to cut chip production after profits hit 14-year low

As expected, Samsung posts 30% drop in profit