Samsung stock falls amid report of reduced production target

Samsung Electronics (OTC:SSNLF) shares have slid ~7% pre-market following a report that the electronics firm has significantly reduced its smartphone production target for 2022.
According to the report published by Maeil Business News, which cited a source in Samsung's supply chain, the company has notified suppliers of its plans to scale back its order volume halfway through 2022, implying that its will ship 280M units this year - 30M short of its initial target of 310M units.
Global inflation and the ongoing Russia-Ukraine military conflict are believed to be weighing on Samsung's production forecast.
Apple (AAPL) shares also fell recently after multiple media reports indicated a possible slowdown in revenue growth and increased costs amid a difficult environment for consumer electronics, notably smartphones. The tech firm reportedly has asked suppliers to build roughly 220M iPhones, approximately the same as 2021.

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