Net income for the company came to 9.1 trillion won, compared with the consensus 9.4 trillion won. Reeling from a sharp downturn, memory chip rivals from SK Hynix Inc. to Micron Technology Inc. and Kioxia Holdings Corp. are slashing capital spending or chip output. Client technology firms are working through record-level stockpiles of chips, accumulated to meet soaring demand amid supply disruptions stemming from pandemic-related lockdowns, logistics bottlenecks and Russia's invasion of Ukraine. Unlike its peers, Samsung is increasing its chip capital spending, pushing it to 47.7 trillion won for 2022 from 43.6 trillion won last year. "Under continued macro uncertainties, scale of customers' inventory adjustments exceeded market expectations, and demand for consumer products continued to weaken," the company said in a statement. "As a result, bit growth missed guidance and our sales result declined."