By ET Bureau - January 31, 2023 1 Mins Read
Samsung Electronics Co. Ltd. experienced a sharp decline in memory chip demand as a result of consumers purchasing fewer electronic devices, which led to a collapse in the company’s quarterly profit.
The South Korean company recently released its fourth-quarter earnings results, which showed that the profit from its semiconductor business fell by an astounding 90%, roughly USD 220 million, for the three months ended December 31. Samsung claimed that the decline was brought on by its largest clients clearing out stockpiles, which means that very few people are currently purchasing new chips.
Most of Samsung’s revenue and profit come from its memory chip business, so the decline greatly affected its bottom line. According to the business, total revenue for the quarter was 70.46 trillion won, a 9% decrease from last year’s period.
Read More: Profit from Samsung’s memory chip business falls by a stunning 90%
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