A drop of almost 2% compared to initial forecasts had to be reported Samsung Electronic to its investors after the Korean company reported an operating profit of 9.1 trillion won (6.15 billion euros) for the third quarter, significantly below market estimates that had forecast 10.3 trillion won (nearly 7 billion euros). The company’s decline is attributed to several factors, such as slowing demand for electronic devices and increasing competition in the market.
For this reason, Jung Yong-hyun, Vice President of Samsung Electronics’ DS Division, apologized to customers, investors and employees around the world in a letter.
Recommended Videos
“Many people talk about the Samsung crisis”, the letter says. “All of this responsibility falls on us running the business.”
What does the Samsung letter say?
“Dear clients, investors and employees”, This is stated in a letter from Samsung. “The results, which fell short of market expectations, raised concerns about the company’s fundamental technological competitiveness and future.”
Samsung added that it has a story “challenges, innovations and improvements that have always turned crises into opportunities.” This seems to be one of those times when a company has to turn a bad situation into a good one.
“Our leadership will take the initiative to overcome the crisis,” Before listing three main talking points about current problems and how to solve them, the letter states.
“First of all, we will restore the fundamental competitiveness of technology. Technology and quality are our soul. “This is the pride of Samsung Electronics, which we can never compromise on.”
Samsung chooses technologies that don’t exist yet
The only way back, according to Samsung, is through “new technologies that do not exist in the world and competitiveness of perfect quality.”
The second major theme in Samsung’s apology letter was the passion for innovation. The company says it will be better prepared for the future. “We will renew our unique passion to move fearlessly into the future, stick to our goals and achieve them.”
Instead of a defensive mentality aimed at protecting what Samsung already has, the company “arm yourself with a rebellious spirit to run towards a higher goal.”
Last but not least, the third important point is that Samsung promises to overhaul its “organizational culture and practices and immediately correct what needs to be corrected.” Samsung says that if it encounters an issue in the field, “will expose it and have a heated discussion about its improvement.”
Source: Digital Trends
