ALBAWABA - Samsung has announced a significant reduction in chip production due to a sharp decline in demand caused by a weak global economy and companies' trend to purchase a fewer quantity of chips.
The South Korean company revealed a 96-percent decline in operating profits in the first quarter of 2023.
The demand for memory chips had surged during the COVID-19 crisis as customers bought new electronic devices for use during the lockdown.
But it has since sharply declined.
