Samsung has released its preliminary financial performance forecast for the third quarter of 2024, projecting a profit of 9.1 trillion won and total revenue of 79 trillion won. While both profit and revenue are expected to increase significantly compared to the same quarter last year, Samsung’s executive Jun Young-hyun, Vice President of Samsung’s Device Solutions business, issued a statement alongside this report. In the name of Samsung’s management, he began with an apology to investors, acknowledging their growing concerns about Samsung’s competitiveness and future due to various technological changes. The management team remains committed to overcoming the challenges and steering the company towards further growth.
Despite the nearly threefold increase in profit from the previous year, Samsung’s profit is lower compared to the second quarter of 2024. The company faces pressure from competitor SK Hynix, which leads in high bandwidth memory chips such as HBM, and recent reports of employee layoffs in Asia by approximately 10%.
Source: Samsung and CNA
TLDR: Samsung projects a strong financial performance in the third quarter of 2024, with increased profit and revenue, but faces challenges from competitors and internal factors that impact its profitability and growth.
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