Samsung sees tech devices demand recovering in 2024 after record chip loss
SEOUL: Samsung Electronics (005930.KS), opens new tab flagged a continued recovery in memory chips and tech demand in 2024, after reporting a 34% drop in fourth-quarter profit despite a memory price rebound as consumer demand remained weak in many businesses. The world’s biggest maker of memory chips said it expected mobile and PC makers to place more, better chips in devices as use of artificial intelligence expands, while the need to replace older servers would also aid a gradual demand recovery. “In 2024, the memory business expects the market to continue to recover despite various potential obstacles, including interest rate policies and geopolitical issues,” Samsung said in a statement. Samsung said operating profit fell to 2.8 trillion won ($2.11 billion) in October-December, versus 4.3 trillion won a year earlier. For the full year, its chip business swung to a record loss of 14.9 trillion won in 2023 from a 23.8 trillion won profit a year earlier, hit by an unprecedented d