Samsung apologizes for making just $6.8 billion last quarter
Samsung, the world’s leading memory chip manufacturer, issued a rare apology after saying it expected to post just $6.78 billion in operating profit for the most recent quarter, about $900 million short of analyst expectations.
“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,” reads the statement attributed to Samsung Vice Chairman Jun Young-hyun. “Many people are talking about Samsung’s crisis. We, who are leading the business, are responsible for all of this.”
The so-called “crisis” caused the company to instigate a six-day workweek for executives earlier this year. That change was instigated after posting...