SK Hynix weighs slashing spending by a quarter in 2023 – Bloomberg News

Workforce wander previous the emblem of SK Hynix at its headquarters in Seongnam, South Korea, April 25, 2016. REUTERS/Kim Hong-Ji

July 14 (Reuters) – South Korean chipmaker SK Hynix Inc is contemplating reducing its 2023 cash expenditure by about a quarter to 16 trillion won ($12.16 billion), Bloomberg Information claimed on Thursday, citing people familiar with the make a difference.

The transfer by SK Hynix, the world’s next-most significant memory chip maker following Samsung Electronics , is in reaction to slower-than-expected electronics demand, in accordance to the report.

SK Hynix explained it has not determined regardless of whether to transform its cash expenditure strategy for following yr.

Chipmakers these kinds of as world’s largest foundry TSMC (2330.TW) and memory chip maker Micron (MU.O) have flagged that need for consumer electronics is cooling. examine a lot more

Significant inflation, worries about a downturn in significant marketplaces, China’s most current COVID lockdown, and the war in Ukraine have dampened consumer expending on PCs and smartphones, souring the memory chip industry’s outlook for up coming year. examine more

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Reporting by Jose Joseph in Bengaluru and Joyce Lee in Seoul Enhancing by Rashmi Aich and Lincoln Feast.

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