Samsung issues lengthy apology after results read the statement [Video]

The leading memory chip manufacturer projected that its operating profit for the quarter ending in September will be approximately 9.10 trillion won, missing LSEG expectations.

Analysts polled by LSEG expected an operating profit of 11.456 trillion Korean won ($7.7 billion) for the quarter ended Sept. 30.

Samsung noted that the performance of its memory division declined due to “one-time costs and negative impacts,” which include inventory adjustments from mobile clients and a higher supply of older products from Chinese memory firms.

Dear customers, investors, and employees who have always loved Samsung Electronics.

Today, the management of Samsung Electronics would like to apologize to you first.

We have caused concerns about our fundamental technological competitiveness and the future of the company due to our performance falling short of the market’s expectations. Many people are talking about Samsung’s crisis. We, who are leading the business, are responsible for all of this.

Customers, investors, and employees.

Samsung, …

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