News Karnataka
Tuesday, February 27 2024

Samsung to hold strategy meeting soon amid macroeconomic woes

Samsung to hold strategy meeting soon amid macroeconomic woes
Photo Credit : IANS

Seoul: Samsung Electronics will hold a company-wide global strategy meeting starting next week, industry sources said on Friday, amid stiff headwinds from the uncertain macroeconomic environment.

The company’s device experience division, which oversees the business of mobile phones and home appliances, will convene the meetings next Thursday and Friday, while the device solutions division, in charge of Samsung’s mainstay chip business, is said to hold the meetings around Dec 22.

Samsung executives will discuss how to navigate mounting challenges from the sluggish global economy, slowing consumer demand, geopolitical tensions and continuing spread of the coronavirus, reports Yonhap news agency.

Samsung, the world’s biggest memory chip maker, is expected to check the construction of a new $17 billion chip fabrication plant in Taylor, Texas, which Samsung plans to finish up by 2024.

Other major issues on the table include the long-term plans to boost its competitiveness in the system chip and contract chip manufacturing segments.

On the mobile and home appliances front, slowing demand will be one of the key concerns for the world’s largest mobile phone maker.

During the July-September quarter, Samsung’s operating profit dropped more than 31 per cent from a year ago largely due to weakening memory chip prices and demand.

Samsung’s semiconductor business, which accounts for nearly 70 per cent of its total profit, slumped nearly 50 per cent on-year for the three months ending in September, as weakened consumer spending power led to a cut in demand for chips from electronics makers, as well as cloud computing and server companies.

The biannual meeting used to take place fully in person with the attendance of hundreds of senior executives from home and abroad, but it is expected to go partly online amid the coronavirus pandemic.

It will be the first strategy meeting after Samsung Group’s de facto leader Lee Jae-yong was promoted to executive chairman in October.

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