Samsung to cut chip production as profits plunge by 96%

Sales fall at world's biggest memory chip maker amid decline in global demand for semiconductors

Samsung Electronics will cut back on chip production, as it faces a sharp decline in global demand for semiconductors that has sent prices plunging.

The world's biggest memory chip maker said it would make a meaningful" cut to chip output after sales dropped sharply and it flagged a 96% drop in first-quarter profits, worse than expected. The fellow South Korean firm SK Hynix and Micron Technology of the US have also reduced production.