The leading memory chip maker estimated that its operating profit for the quarter ending in September will be about 9.10 trillion won, short of LSEG’s expectations.
Analysts polled by LSEG expected operating profit of 11.456 trillion Korean won ($7.7 billion) for the quarter ended Sept. 30.
Samsung noted that its memory division’s performance declined due to “one-time costs and negative impacts,” including inventory adjustments from mobile customers and high availability of older products from Chinese memory companies.
Dear customers, investors, and employees who always love Samsung Electronics.
Today, the management of Samsung Electronics would like to apologize to you first.
We have caused concern about our core technological competitiveness and the future of the company due to our limited performance to market expectations. Many people are talking about the Samsung crisis. We, who lead the business, are responsible for all of this.
Customers, investors, and employees.
Samsung, however, has been turning challenges into opportunities, with a history of challenge, innovation, and triumph.
We will definitely turn the bad situation we are facing into an opportunity to move forward.
Our management will be at the forefront of overcoming this problem.
Above all, we will restore our fundamental technological competitiveness. Technology and quality are our lifeblood. The pride of Samsung Electronics that we will never compromise on. Rather than temporary solutions, we will ensure fundamental competitiveness. In addition, I believe that only new technologies that are not in the world and perfect quality competition are the only ways for Samsung Electronics to make a comeback.
Second, we will fully prepare for the future. We will renew our unique passion to pioneer the future without fear and stick to our goals until the end and achieve them. We will also equip ourselves with a challenging spirit to run towards a higher goal, with a protective mindset to protect what we have.
Third, we will also look at our organizational culture and working methods and quickly fix what needs to be fixed. We will rebuild our traditional organizational culture of trust and communication. If we find problems in the field, we will expose them as they are and have serious discussions to improve them. In particular, we will fully communicate with our investors whenever we have the opportunity.
Dear customers, investors, and employees.
If we challenge ourselves, we are sure that we can turn a crisis into a new opportunity. Please give us your support and encouragement so that Samsung Electronics can once again show its strength.
Thank you.
Vice Chairman of Samsung Electronics
Head of Device Solutions Division
Jun Young-hyun
—CNBC’s Chery Kang contributed to this article.
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