Samsung apologizes for a lack of innovation

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The Samsung Galaxy S24 Ultra is a great phone; they perform very well, and there is also battery endurance on a single charge. Nevertheless, it does not change much from the Galaxy S23 Ultra, although the same model was only a minor innovation from the 2022 Galaxy S22 Ultra. The same has happened with the other segments within the Samsung company, like it’s memory and chipset divisions, which were onetime segment market leaders. It has as if awakened from its complicity and produced an apology to its customers, employees, and shareholders.

The letter comes after Samsung announced its earnings guidance for Q3 2024, where it expects to make an operating profit of around 9.2 trillion Korean won ($6.8 billion).

In the open letter penned by Samsung’s newly appointed VP of Device Solutions, Jeon Young-Hyun, and published in its Korean newsroom, Samsung Electronics’ management apologized for its performance not meeting market expectations (via The Verge). This has sparked “concerns about the fundamental technological competitiveness and the future of the company [machine translated].”

The management notes that they have history of turning a crisis into an opportunity and promises to do the same this time as well.

Rather than short-term solutions, we will secure fundamental competitiveness. Furthermore, I believe that only new technologies that do not exist in the world and perfect quality competitiveness are the only ways for Samsung Electronics to make a comeback.

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Samsung’s declaration for the future is “Cultivate change, fearlessly pioneer the future, and to clinging until the end and achieve to them.” The management will also be keen on developing a better organisational culture and, among other things, will seek to promptly address anything that requires the management’s attention.

We will rebuild our traditional organizational culture of trust and communication. If we find a problem in the field, we will expose it and have a heated discussion to improve it. In particular, we will actively communicate with investors whenever we have the opportunity.

The letter concerns itself with the Samsung company’s bad performance in its memory, semiconductor, and chipset business. Since both are so related to the company’s smartphone division, the advancement from their end should also yield future Galaxy smartphones.

Samsung in its letter to the shareholders makes some outright telephone calls, and it admits that the organization lacked innovation for several years. It is, however, encouraging to notice that Samsung, a company of this magnitude, took such an approach and penned an open apology letter to its customers and shareholders. However, what is significant is whether Samsung has the capacity to front all the declared and promulgated improvements and novelties in the company’s letter.

Source: Android Police