Samsung slashes chip production amid plummeting profits.
Samsung Electronics is reducing production of its computer memory chips due to declining demand caused by a weak global economy and reduced consumer spending on technology products. The company predicted a 96% profit decline from a year earlier, with sales likely to fall 19% to $47.7 billion for the three months through March. Despite the short-term production cutback, Samsung plans to continue investing in infrastructure and research and development to maintain its technology leadership.