Samsung Electronics has apologised to investors and acknowledged the company is in “crisis”, following the release of worse than expected profit guidance on Tuesday.
The Korean chip giant reported a preliminary operating profit of Won9.1tn ($6.8bn) for the third quarter of this year, undershooting market expectations of a Won10.3tn profit, according to LSEG SmartEstimates.
The company’s share price has fallen by almost 30 per cent over the past six months amid growing concern over its competitiveness in cutting-edge chips used in artificial intelligence systems.
“The leadership team . . . wishes to apologise for not meeting your expectations with our performance,” Young Hyun Jun, chip division head, wrote to customers, investors and employees on Tuesday.
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