Chipmakers are also feeling the sting from ongoing COVID concerns in China, which remains a key market. The economy is slowing amid high inflation, while the reopening of schools and offices mean people are no longer as interested in buying PCs as they were during the COVID-19 pandemic. It would be the company’s first profit decline year-over-year since the first quarter of 2020, when the COVID pandemic started. The estimated earnings fell far below what analysts had forecast. When the company, which makes memory chips as well as consumer products, reports final earnings later this month, it also expects revenue to rise 2.7%, to 76 trillion won ($53.9 billion). Meantime, Samsung late Thursday reported that, also because of the chip downturn, its operating profit is likely to drop more than 31% from a year ago, to 10.8 trillion won ($7.6 billion). She added that macroeconomic conditions were responsible for reducing personal computer demand more than expected. “The PC market weakened significantly in the quarter,” AMD Chief Executive Lisa Su (pictured) said in a statement. and Nvidia Corp., which both lost more than 2%. today warned that it’s likely to miss its third-quarter sales projections by more than $1 billion, stoking concerns over the sputtering market for semiconductors and sending its stock down.ĪMD’s stock fell more than 4% in the extended trading session, and the drop had a knock-on effect on rivals Intel Corp. Computer chipmaker Advanced Micro Devices Inc.
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