The leading memory chip maker expects operating profit for the quarter ended in September to be about 9.10 trillion won, lower than LSEG’s forecast.
Analysts polled by London Stock Exchange Group (LSEG) expected operating profit for the quarter ended September 30 to be 11.456 trillion won ($7.7 billion).
Samsung noted that its memory unit’s performance declined due to “one-time costs and negative impacts,” including inventory adjustments at mobile customers and an increase in the supply of older products from Chinese memory companies.
Dear customers, investors and employees who have always loved Samsung Electronics.
Today, the management of Samsung Electronics first apologized to everyone.
As the performance fell short of market expectations, it raised concerns about the competitiveness of our underlying technology and the future of the company. A lot of people are talking about Samsung’s crisis. As business leaders, we are responsible for all of this.
customers, investors and employees.
However, Samsung has always turned crises into opportunities and has a history of challenging, innovating and overcoming.
We will definitely turn the current severe situation into an opportunity for leapfrog development.
Our management will take the lead in overcoming the crisis.
Most importantly, we will restore our fundamental technological competitiveness. Technology and quality are our lifeblood. This is the pride of Samsung Electronics and we must never compromise. We will ensure fundamental competitiveness, not short-term solutions. Moreover, I believe that only new technologies that are not available in the world and perfect quality competitiveness are the only way for Samsung Electronics to make a comeback.
The second is to make better preparations for the future. We will reignite our unique passion, fearlessly forge our future, persist in our goals until the end and achieve them. Instead of being defensive to protect what we have, we will rearm ourselves with a spirit of challenge and reach for higher goals.
Third, we will revisit our organizational culture and working methods and immediately address the issues that need to be addressed. We will rebuild the traditional organizational culture of trust and communication. If we find a problem on site, we will reveal it truthfully and have a heated discussion to improve it. In particular, we will actively communicate with investors whenever there is an opportunity.
Dear customers, investors and employees.
As long as we actively challenge ourselves, we have the confidence to turn current crises into new opportunities. Please give us your support and encouragement so that Samsung Electronics can show its strength again.
Thanks.
Vice Chairman of Samsung Electronics
Head of Equipment Solutions Department
Jeon Young Hyun
—CNBC’s Chery Kang contributed to this article.
