Samsung, SK Hynix, and others are projected to have grim earnings in the first quarter 2023, all because of sluggish global chip demands.

Samsung Foundry will have an operating profit of $549.7 million in the first quarter of 2023. If this is right, then profits have fallen by 94.9 per cent compared to the first quarter 2022. Samsung’s January-March period year-over-year forecast has fallen by 17.3 per cent or $48.4 billion.

The analysts think this forecast is all thanks to the economic slowdown resulting in waning global semiconductor demand. The same fate is expected in the first quarter 2023 profits of key South Korean petrochemical firms and steelmakers. Samsung and other companies are trying all they can to boost their semiconductor business.