Samsung says it’s in “crisis,” apologizes for missing profit target
Samsung Electronics has issued a public apology and acknowledged the company is considered to be in “crisis,” following the release of worse than expected profit guidance on Tuesday.
The South Korean chip giant reported a preliminary operating profit of ₩9.1 trillion ($6.8 billion) for the third quarter, undershooting market expectations of a ₩10.3 trillion profit, according to LSEG SmartEstimates.
While its expected operating profit has almost tripled compared with the same period a year ago, following a surge in memory chip prices, it is down almost 13 percent on the second quarter of this year.