Samsung says it’s in “crisis,” apologizes for missing profit target
Samsung issued a public apology and acknowledged it is in a 'crisis' following the release of its profit guidance on Tuesday. It reported a preliminary profit that undershot market expectations, and its share price has fallen almost 30% over the past six months. The worse-than-expected guidance underlines investor concerns about deteriorating memory market conditions and the possibility of slowing AI investment by big tech groups. Samsung is cutting some of its overseas staff and wrestling with growing worker discontent at home.