Samsung's chip business posts record loss in 2023

South Korea's Samsung Electronics says its semiconductor unit reported a record operating loss last year.

The global chipmaker released a financial statement for the fourth quarter of 2023 on Wednesday.

The statement said the semiconductor unit registered an operating loss of 2.18 trillion won, or about 1.6 billion dollars. Annual profits fell into a loss of 14.88 trillion won, or about 11.1 billion dollars.

The company said it is the first time in 15 years that its semiconductor business has posted a loss.

But officials noted that the quarterly deficit of the semiconductor business shrank last year. They said the company's chip unit is on a recovery trend in general, as demand is rising for semiconductors for generative AI.

South Korea's Yonhap News Agency reported an optimistic view on Samsung's performance this year. It said the company is considered to have emerged from the tunnel of a semiconductor slump.