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July 10, 2023: Samsung Electronics predicts a 96% profit plunge in the second quarter of 2023 as weak demand for memory chips persists.
The world’s biggest dynamic random-access chip maker evaluates operating profit in the quarter from April to June to be 600 billion Korean won, down from 14.1 trillion Korean won in the same period in the previous year.
This would be the company’s lower quarterly profit since the 590 billion won recorded in the first quarter of 2009, according to the company’s past earnings data.
Reuters reported that the second-quarter profit projection broadly aligns with analysts’ anticipations for 555 billion Korean won, citing a Refinitiv SmartEstimate.
Samsung also calculated income in the second quarter to be 63.75 trillion Korean won, down 17.4% from 77.2 trillion Korean won a year ago.
During the pandemic-led boom, smartphone and PC manufacturers stockpiled memory chips as consumer device requests increased. But those companies grapple with excess chip inventories as consumers buy fewer electronics due to increasing inflation. As a result, prices for memory chips have fallen.
“Demand remained weak. But now the key is the supply [of memory chips]. Samsung Electronics announced the meaningful production cut in early April, so we anticipate the third quarter,” SK Kim, executive director of Daiwa Securities Capital Markets, told on Friday.
In April, Samsung stated it would be making a “meaningful” cut in memory chip production, following the lead of smaller rivals such as SK Hynix and Micron.
“With that, we think the prices can rebound at the end of this year or early next year,” said Kim.
Kim added that Samsung and SK Hynix, South Korea’s second-largest chipmaker, may profit from the additional demand from the U.S., barring sales of Micron products in China. U.S.-based Micron is the third-largest DRAM chipmaker after Samsung and SK Hynix.
“But at the same time, there’s also the weak demand from China because of the tension in production,” said Kim.
The U.S. granted Samsung and SK Hynix one-year waivers to import advanced tools for their China plants. Those exemptions were set to expire in October, but the Wall Street Journal reported a U.S. official said they “would be restarted for the foreseeable future.”
In the first quarter, Samsung reported an operating profit of 640 billion Korean won million, down from 14.12 trillion won a year earlier.
Samsung claims dropped 2% in Friday morning trade.
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