Samsung warns of lower profits amid falling demand for memory chips

Samsung has warned of plummeting profits and plans to cut back on memory chip production in response to falling demand, The Korea Herald has reported. It expects to earn just 600 billion won ($455 million) for the first quarter of 2023, a drop of 96 percent from the same period last year. It blamed falling demand for memory chips, a situation that could be a bad sign for the tech industry as a whole.