SK Hynix weighs slashing spending by a quarter in 2023 – Bloomberg News1 min read
Adds company statement, qualifications
July 14 (Reuters) – South Korean chipmaker SK Hynix Inc 000660.KS is contemplating reducing its 2023 cash expenditure by about a quarter to 16 trillion won ($12.16 billion), Bloomberg News claimed on Thursday, citing persons common with the make any difference.
The move by SK Hynix, the world’s second-major memory chip maker after Samsung Electronics 005930.KS, is in reaction to slower-than-expected electronics desire, according to the report.
SK Hynix mentioned it has not made a decision whether to improve its cash expenditure prepare for upcoming calendar year.
Chipmakers this kind of as world’s premier foundry TSMC 2330.TW and memory chip maker Micron MU.O have flagged that desire for purchaser electronics is cooling.
Higher inflation, problems about a downturn in key markets, China’s most recent COVID lockdown, and the war in Ukraine have dampened purchaser paying on PCs and smartphones, souring the memory chip industry’s outlook for following year.
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(Reporting by Jose Joseph in Bengaluru and Joyce Lee in Seoul Modifying by Rashmi Aich and Lincoln Feast.)
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