Oct 7, 2022

Samsung warns of 32% hit to profits on chip slump

Technology giant Samsung has warned of a 32% slide in its profits as demand for electronic devices and the memory chips that power them shrinks due to the global economic slowdown. On Thursday, US chip maker Advanced Micro Devices also said it was hit by a fall in demand for computers. Samsung's profits from its microprocessor making business suffered as the global price of memory chips plunged due to weakening demand for consumer electronics. AMD's revenue estimates for the third quarter were about a $1bn less than previously forecast, signalling the slump in demand for chips could be much worse than expected. Technology industry analysts have forecast that memory chip prices will continue to plunge in the next three months as sales of smartphones continue to slide, with demand not expected to recover until early next year.

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