This development as the industry is still marred by the semiconductor shortage crisis that it had been cursed with since the beginning of the COVID-19 pandemic
South Korean tech giant Samsung has reportedly decided to cut its phone production by 30 million units this year.
As per a report by SamMobile, Samsung is cutting production targets across its low to mid-end and flagship models. This development as the industry is still marred by the semiconductor shortage crisis that it had been cursed with since the beginning of the COVID-19 pandemic.
Samsung was reportedly going to produce 310 million units of smartphones in 2022 but it has now decided to cut that back to 280 million units.
The company had initially aimed to produce 300 million units in 2022 as it has yet to hit this figure after 2017. However, the global economic situation has dented demand and the company has to react, the report said.
Other companies have reportedly taken similar steps in the face of this challenging economic environment.
Apple is believed to have cut its smartphone production for 2022 as well. The company is reportedly cutting production of the iPhone SE by 20 per cent.