Samsung Electronics to cut memory chip output by 'meaningful' level
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Samsung Electronics (OTCPK:SSNLF) announced it's reducing its memory chip production after it reported its smallest profit since the 2009 financial crisis.
The world's largest maker of memory chips reported on Friday that operating profit fell more than 95% to 600 billion won ($450 million) in the three months ended in March, according to a press release. 

"We are lowering the production of memory chips by a meaningful level, especially that of products with supply secured," Samsung Electronics said in a regulatory filing, according to multiple media outlets. 

Samsung (OTCPK:SSNLF) shares rose 4.3% in Korean trading.
Samsung's production cut comes after rivals Micron (MU), SK Hynix and Kioxia Holdings have reduced their spending and cut their chip production.
Micron (MU) CEO Sanjay Mehrotra late last month, in a statement announcing Micron's second-quarter results and outlook, said he was "confident" in the company's long-term demand outlook and "we expect gradual improvements to the industryâs supply-demand balance."