Bloomberg: Samsung apologizes for lagging behind competitors and falling profits
Samsung Electronics Co. apologized to investors for disappointing results. This is reported by Bloomberg.
The giant that once dominated the chip market is facing a potential crisis because it has lost its way, according to the agency. Its earnings were worse than expected. There were also delays in the delivery of a key type of chip used with Nvidia Corp. processors. for training artificial intelligence. As a result, another company, SK Hynix Inc., began to dominate the corresponding market segment.
Samsung shares fell 1.8 percent on Tuesday, with total losses for 2024 exceeding 20 percent. Analysts at Macquarie downgraded Samsung from Outperform to Neutral.
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Samsung is expected to review its organizational culture and processes. The company has already begun laying off workers in Southeast Asia, Australia and New Zealand as part of a plan to cut its global workforce by thousands of jobs.
Earlier it was reported that in 2026 Samsung will refuse to release the Galaxy S26 smartphone. The supposed reason for this is high competition from Chinese manufacturers.
And at the end of September, information appeared that televisions produced by the corporation were caught spying on users. It turned out that some models were able to take screenshots of screens when they were connected to computers and consoles.
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