Samsung issues lengthy apology after disappointing profit guidance — read the full statement

The leading memory chip manufacturer, Samsung Electronics, has projected a lower operating profit for the quarter ending in September than expected. The decline in performance is attributed to one-time costs and negative impacts, including inventory adjustments and increased competition from Chinese firms. The company’s management has issued an apology and outlined plans to restore technological competitiveness, prepare for the future, and improve organizational culture. Samsung is confident that with support and encouragement, they can turn the current crisis into an opportunity for growth.