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Samsung Electronics will retain its memory semiconductor production level despise plunging profits in the fourth quarter and will instead respond to chip demand, which it projects will recover in the future.
Fourth quarter sales for Samsung dropped 7.97 percent on-year to 70.46 trillion won while operating profit plunged 68.5 percent to 4.31 trillion won.
The poor showing was attributed to the lackluster performance of the memory chip business, which used to account for 70 percent of the Samsung's profit.
The Device Solutions (DS) division that supervises the chip business posted 20.07 trillion won in sales and 270 billion won in operating profit in the fourth quarter.
Demand for memory chips fell across all applications, ranging from PCs, smartphones and servers. Samsung said the price of memory chips fell as its clients continued to adjust their inventories.
Samsung expects demand to recover in the medium to long term.
Thus, Samsung will continue will continue to invest in infrastructure in the memory business for mid-to long-term demand.
According to Kim Jae-june, executive vice president of Samsung's memory business, this year's capital expenditure will be at a similar level to last year.
Samsung's capital expenditure in 2022 was 53.1 trillion won, and 47.9 trillion won of that money was invested in the semiconductor business.
