Samsung Electronics officially apologized to customers, investors and employees following lower-than-expected preliminary results for the third quarter of 2024. Samsung had previously promised financial investors a better picture. Here are the details and what you need to know…

Samsung fell short of expectations

Jeon Young-hyun, vice president leading the company’s semiconductor division, said, “The below-expectations performance in the market has raised concerns about the company’s core technological competitiveness and its future.”

In the apology text, Jeon put the responsibility entirely on Samsung executives, saying, “This responsibility lies entirely with those of us who are in charge.”

However, he expressed hope that improvements would come in the future and outlined three strategies to make this happen: Focusing on long-term improvements rather than short-term solutions, reigniting a passion for innovation, and revisiting the company’s organizational culture for more open communication.

Although this figure indicates an impressive increase of 275 percent on a year-on-year basis, it failed to meet the market’s expectation of $ 7.4 billion (253.6 billion TL). Consolidated sales amounted to 58.6 billion dollars and 2 trillion TL, which means an increase of 17.2 percent compared to the same period last year.

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