Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Armenian Prime Minister Nikol Pashinyan says he is ready to resign if this will help normalize the situation in Armenia
TASS citing Armenian Prime Minister Nikol Pashinyan: Ready to sign a peace agreement with Azerbaijani President
Iranian security source to Al Mayadeen: All personal photos and secret Israeli files are now in the possession of Iranian security and may be published at a later time
Iranian security source to Al Mayadeen: The list of secret information and photos of the figures that Netanyahu kept included Ehud Barak, Benny Gantz, and Ehud Olmert
Iranian security source to Al Mayadeen: The information includes secret files about Israeli political figures opposed to Netanyahu, especially personal photos of them
Iranian security source to Al Mayadeen: The secret information came out of Netanyahu’s office via a flash memory
Iranian security source to Al Mayadeen: The list includes European, American, and Israeli media figures and all their information and the amounts they received
Iranian security source to Al Mayadeen: Secret information that reveals the list of foreign media figures who receive bribes from Netanyahu’s office obtained
Al Mayadeen's correspondent reported that the NRF denies allegations that Ahmed Masoud requested "Israel’s" help.
Al Mayadeen's correspondent: Around 300 settlers have stormed the Al-Aqsa Mosque under the protection of the Israeli occupation forces.

Samsung reports 96% drop in revenue in Q1 2023

  • By Al Mayadeen English
  • Source: Agencies
  • 7 Apr 2023 13:41
  • x

Samsung reports a drop in revenue and a "significant reduction" in memory chip output.

  • Samsung reports 96% drop in revenue in Q1 2023
    Employees walk past logos of the Samsung Electronics Co. at its office in Seoul, South Korea, on July 31, 2018. (AP)

After forecasting a 96% decline in quarterly operating profit, Samsung Electronics will reduce memory chip output. The world's largest chipmaker reported a steep reduction in sales due to a slowing global economy and lower demand following the pandemic.

Another reduction is expected in the fourth quarter. Operating profit is expected to be 0.6 trillion Korean won in the first quarter, which is 28.2 times lower than the 14.12 trillion Korean won in the first quarter of 2022 and 7.2 times lower than the 4.31 trillion Korean won in the previous quarter.

According to sources quoting a subsequent company announcement, Samsung has also announced a "significant reduction" in memory chip output.

Samsung Electronics is a multinational electronics company headquartered in Seoul that manufactures semiconductors, communications devices, memory chips, LCD displays, mobile phones, and monitors.

A report published by the Financial Times on March 3 revealed that South Korean tech firms who enrolled in the CHIPS and Science Act funding designed to boost US science and technology innovation are alarmed by a clause that was unveiled by Washington's commerce department. 

Related News

Google monopolized market via billions spent on default search: DoJ

Automaker Stellantis, Samsung to build second EV battery factory in US

Read next: S.Korea to create largest semiconductor cluster: President office

Applicants who receive more than $150 million in direct funding from the $39 billion fund are required to share part of their profits with the US government. 

The matter is of serious concern for companies such as SK Hynix and Samsung, which are required to cease manufacturing operations in China for the next ten years as part of the application's requirements. 

Former trade minister Yeo Han-koo said that the clause about profit-sharing was "problematic" and that it was an "unprecedented move charting a new territory that we haven’t seen in recent years."

"Many companies may cry out on this. It may set a worrisome precedent for other countries who may follow suit," he was quoted saying by the news agency. 

Samsung is reportedly building a $17bn foundry in Texas, while SK Hynix is planning to build a chip packaging plant in the US.

"We’re perplexed by these unexpected conditions. We’ve never seen anything like this for state incentives," said an industry executive. "It is unclear how they will calculate excess profits. They want to take some of our profits when the business is booming but they won’t return our money when the industry is in a downturn. This will be a key point of contention."

  • Samsung
  • South Korea

Most Read

BBC from the front lines in Ukraine: It's bad, counteroffensive failed

BBC from the front lines in Ukraine: It's bad, counteroffensive failed

  • Europe
  • 28 Sep 2023
A Ukrainian soldier of the elite drone unit packs up after an attack on the front line in the outskirts of Kremennaya, Ukraine, Sunday, August 20, 2023 (AP)

Ukraine loses around 700 soldiers in one day: Russia MoD

  • Europe
  • 30 Sep 2023
Who Would Ally with the West: ‘It’s Boring – The Real Excitement is in Asia’

Who Would Ally with the West: ‘It’s Boring – The Real Excitement is in Asia’

  • Analysis
  • 30 Sep 2023
A child being treated in a makeshift ICU bed in California in 2023 (AFP via Getty Images)

Children are dying in US hospitals plagued with ill-prepared ERs: WSJ

  • US & Canada
  • 2 Oct 2023

Coverage

All
Morocco & Libya Disasters

Read Next

All
People protest in Swedia, Syria on September 15, 2023. (AFP)
MENA

'Israel' proposes arming Sweida protesters via Jordan: Reports

Indigenous Xikrin warriors in the Para State of the Brazilian Amazon in August 2019 (AP)
Latin America

Brazil expels illegal settlers from Indigenous lands in Para state

Black Hawk Down: America's history in ending organic truces in Somalia
Africa

Black Hawk Down: America's history in reviving wars in Somalia

UN approves Haiti force after year of pleas
Latin America

UN approves Haiti Kenyan-led force amid Chinese skepticism

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS