Samsung issues lengthy apology after disappointing profit guidance — read the full statement

Samsung Vice Chairman, Jun Young-hyun, who is the new head of the company's Device Solutions Division, issued a rare apology Tuesday after the company posted disappointing third-quarter profit guidance.

The leading memory chip manufacturer projected that its operating profit for the quarter ending in September will be approximately 9.10 trillion won, missing LSEG expectations.

Analysts polled by LSEG expected an operating profit of 11.456 trillion Korean won ($7.7 billion) for the quarter ended Sept. 30. 

Samsung noted that the performance of its memory division declined due to "one-time costs and negative impacts," which include inventory adjustments from mobile clients and a higher supply of older products from Chinese memory firms.

Read the full apology, translated by Google and CNBC, below:

Dear customers, investors, and employees who have always loved Samsung Electronics.

Today, the management of Samsung Electronics would like to apologize to you first.

We have caused concerns about our fundamental technological competitiveness and the future of the company due to our performance falling short of the market's expectations. Many people are talking about Samsung's crisis. We, who are leading the business, are responsible for all of this.

Customers, investors, and employees.

Samsung, however, has always turned crises into opportunities, having a history of challenge, innovation, and overcoming.

We will definitely make the dire situation we are currently facing an opportunity for a leap forward.

Our management will take the lead in overcoming the crisis.

Above all, we will restore our fundamental technological competitiveness. Technology and quality are our lifeblood. It is Samsung Electronics' pride that we can never compromise