SEOUL -- Samsung Electronics said on Friday that it is reducing memory chip production after it flagged a 95.8% plunge in first quarter operating profit from the same period last year, as a downturn in semiconductor demand hurts it and other manufacturers of the components.
"The company is cutting memory production volumes to a meaningful level," the South Korean company said in a statement shortly after releasing earnings guidance. "Demand for memory has declined due to the macroeconomic situation and low consumer sentiment."
