210 Samsung Electronics will cut memory chip production after estimating a 96% drop in its quarterly operating profit. The chip-making giant said sales had dropped sharply due to a slow global economy and less demand after Covid. Samsung said preliminary numbers showed operating profits fell 600 billion won (£366m) in January-March, from 14 trillion won the previous year. The firm’s shares rose more than 4% despite the decision to slow chip-making. “We are lowering the production of memory chips by a meaningful level, especially that of products with supply secured,” the South Korean tech giant said. You Might Be Interested In Meta and Vodafone Team Up to Streamline Videos, Save on Data Reliance Strategic Business Ventures buys 23.3% stake in US-based Exyn Tech for $25 million Navigating the Crossroads: AI and Adaptability in the Insurance Industry in 2024 Amazon Refines AI Tools to Stay Competitive Twitter plans to launch in-app currency to monetize content Data Flows Surge in Asia’s New Great Game