Samsung Electronics Co Ltd flagged a gradual recovery for chips in the second half of the year after its semiconductor business reported a record loss on Thursday, driven by weak demand for tech devices.
An employee demonstrates a Samsung Electronics' flagship smartphone Galaxy S23 Ultra at an unveiling ceremony in Seoul, South Korea, January 30, 2023. REUTERS/Kim Hong-JiSamsung spends biggest capex for any first quarter despite lossflagged a gradual recovery for chips in the second half of the year after its semiconductor business reported a record loss on Thursday, driven by weak demand for tech devices.
The world's biggest memory chipmaker said operating profit fell to 640 billion won for the January-March quarter, down 95% from 14.12 trillion won a year earlier and the lowest profit for any quarter in 14 years. Revenue fell 18% to 63.7 trillion won. Although this could help chip prices recover slightly, analysts said Samsung's profit in the current quarter may be similar to Q1 without a fundamental recovery in demand for devices that use chips.By the second half of the year, customers will have run down inventory and gradually start buying chips again, Samsung said.
"Samsung Electronics will continue to invest in memory semiconductors at a similar level to the previous year ... to secure mid- to long-term competitiveness," it said.
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