Glut in memory chip market hits profits, affect Samaung sales
Edited By WION Video Desk
Published: Apr 26, 2023, 21:00 IST | Updated: Apr 26, 2023, 21:00 IST
The slowdown in consumer electronics purchases and a global microprocessor glut, which hurt Samsung Electronics' main memory business, were cited as reasons for the company's worst quarterly profits in 14 years on Thursday. In a statement, the South Korean firm, which is among the biggest manufacturers of memory chips and cellphones worldwide, reported a 95 percent decrease in operating profit to 640 billion won ($478.6 million).
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