Samsung Electronics Co. warned it’s grappling with the fallout from a ‘serious imbalance’ in semiconductors globally, becoming the largest tech giant to voice concerns about chip shortages spreading beyond the automaking industry. Samsung, one of the world’s largest makers of chips and consumer electronics, expects the crunch to pose a problem to its business next quarter, co-Chief Executive Officer Koh Dong-jin said during an annual shareholder meeting in Seoul. The company is also considering skipping the introduction of a new Galaxy Note one of its best-selling models this year, though Koh said that was geared toward streamlining its lineup.

Industry giants from Continental AG to Renesas Electronics Corp. and Innolux Corp. have in recent weeks warned of longer-than-anticipated deficits thanks to unprecedented Covid-era demand for everything from cars to game consoles and mobile devices. Samsung, the world’s largest smartphone maker, is working with overseas partners to resolve the imbalance and avert potential setbacks to its business, according to its co-CEO.

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Samsung’s shares slid as much as 1% in Seoul on Wednesday, while several suppliers and Asian chipmakers including Taiwan Semiconductor Manufacturing Co. and SK Hynix Inc. also fell. The Note series contributed roughly 5 per cent of Samsung’s smartphone shipments over the past two years, IDC estimates but accounts for a more significant chunk of revenue because it’s one of the priciest in the lineup.