Samsung Electronics announced it expects lower profits for the third quarter of 2024. The company projects an operating profit of about $6.8 billion (9.10 trillion won), a significant increase from last year but still less than analysts’ expectations.
The South Korean tech giant mentioned that one-time costs and increased competition from Chinese companies affected its performance.
Vice Chairman Jun Young-hyun apologized for the situation and noted delays in shipments of important memory chips.
Following the news, Samsung’s shares dropped by nearly 1%. The company’s stock value has decreased 22% this year. Detailed results will be released later this month.