South Korean manufacturing giant, Samsung, officially confirmed that it is expecting a 56% YoY decline in its operating profit.
This is basically due to the decline in global memory chip prices.
However, this is still slightly better than the expectation of analysts.
The two-year boom in the storage chip market ended due to the weak global economy and the decline in spending by data center customers.
Since the end of last year, Samsung Electronics, the world’s highest revenue semiconductor company, has been in trouble.
The memory chip business contributes 2/3 of Samsung’s profit.