Samsung recently revealed that its quarterly operating profits for this year was set at US$6.78 billion (~RM29.06 billion). While that amount would be more than pretty to put a smile on the face of investors, the Korean electronics giant instead issued an apology for not earning more.
In a letter (heads up, it’s in Korean) by Jun Young-Hyun, Samsung Vice President, to investors, he supposedly owned up to the company missing its expected profits mark by around US$900 million (~RM3.85 billion). “The performance that fell short of market expectations has raised concerns about the fundamental technological competitiveness and the future of the company.”
On another note, Samsung did confirm with Reuters in an earlier report that, despite the rumours, it wasn’t planning on selling off its foundry business or spinning it off into another division, for that matter.
In spite of the billions of Ringgit in growing losses, the company says that it still hopes to overtake Taiwan-based foundry and semiconductor chipmaker, TSMC, and become the world’s largest contract chipmaker by 2030.
