SK Hynix weighs slashing spending by a quarter in 2023 – Bloomberg News
(Reuters) -South Korean chipmaker SK Hynix Inc is contemplating reducing its 2023 capital expenditure by a few quarter to 16 trillion received ($12.16 billion), Bloomberg Information reported on Thursday, citing individuals aware of the matter.
The transfer by SK Hynix, the world’s second-largest reminiscence chip maker after Samsung Electronics, is in response to slower-than-anticipated electronics demand, in keeping with the report.
SK Hynix stated it has not determined whether or not to vary its capital expenditure plan for subsequent yr.
Chipmakers similar to world’s largest foundry TSMC and reminiscence chip maker Micron have flagged that demand for shopper electronics is cooling.
Excessive inflation, considerations a few downturn in main markets, China’s newest COVID lockdown, and the battle in Ukraine have dampened shopper spending on PCs and smartphones, souring the reminiscence chip business’s outlook for subsequent yr.
($1 = 1,316.0400 received)
(Reporting by Jose Joseph in Bengaluru and Joyce Lee in Seoul; Modifying by Rashmi Aich and Lincoln Feast.)
