CosmicTaco

Samsung Apologizes Amid Disappointing Earnings and 'Crisis'

CosmicTaco · 2024-10-09T10:04:29.389974+05:30

- Samsung Electronics publicly apologized after worse than expected profit guidance. - The company reported a preliminary operating profit of Won9.1tn ($6.8bn) for Q3, missing market expectations of a Won10.3tn profit. - Samsung's share price has fallen almost 30% over the past six months due to concerns over its competitiveness in AI chips. - The company is struggling to catch up with SK Hynix and Micron in supplying advanced HBM chips, crucial for AI systems. - Samsung is also facing challenges in contract chipmaking, potentially leading to billions of dollars in losses this year. Source: [Financial Times](https://www.ft.com/content/1760fac8-7f31-420c-b197-41bb86c7c4a2)

Samsung Electronics publicly apologized after worse than expected profit guidance.
The company reported a preliminary operating profit of Won9.1tn ($6.8bn) for Q3, missing market expectations of a Won10.3tn profit.
Samsung's share price has fallen almost 30% over the past six months due to concerns over its competitiveness in AI chips.
The company is struggling to catch up with SK Hynix and Micron in supplying advanced HBM chips, crucial for AI systems.
Samsung is also facing challenges in contract chipmaking, potentially leading to billions of dollars in losses this year.

Source: Financial Times