On Tuesday, Samsung Electronics, the prominent South Korean tech giant, unveiled its strategic priorities for the upcoming year. Their primary focus lies in bolstering the company’s competitive edge through technological excellence and adaptability to future transformations.
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In a joint New Year’s announcement, co-CEO and Vice Chairman Han Jong-hee, along with co-CEO and President Kyung Kye-hyun, laid out their strategic vision, highlighting the significance of core principles such as the pursuit of cutting-edge technologies, often referred to as “super-gap technologies,” to maintain a leading position in the market, according to Yonhap news agency.
They stressed, “We will give precedence to enhancing our fundamental competitiveness, including upholding the core values that have long guided Samsung Electronics, which encompass these super-gap technologies.”
The leadership urged their signature chipmaking business, renowned for its five-decade dominance in semiconductor technology, to further solidify its position by enhancing and broadening its technological capabilities, ensuring a competitive advantage over rivals.
Regarding their mobile, home appliances, and software division, a customer-centric approach was underscored, with a steadfast commitment to delivering superior performance and quality.
In addition, the two executives called for proactive measures to address forthcoming changes, particularly in fields like artificial intelligence (AI), sustainable practices, and lifestyle innovation. They emphasized the necessity for a fundamental shift in mindset and the application of generative AI in various work processes.
They stated, “We should revolutionize our work processes and device experiences by harnessing generative AI. Rather than adhering to past passive approaches, we must usher in a fundamental change in our thinking to discover the eco-friendly products of the future.”
In 2023, Samsung Electronics reported total sales of 191.2 trillion won ($147.2 billion) over three quarters, reflecting a 17.5 percent decline compared to the previous year. This decline in sales was primarily attributed to decreased demand for semiconductors, resulting in a substantial 90.4 percent year-on-year drop in operating profit, which amounted to 3.74 trillion won for the same period. Notably, the chip division experienced its first financial loss in 14 years during the first quarter.
As the world’s leading memory chip manufacturer and smartphone provider, Samsung Electronics is expected to release its fourth-quarter earnings report later this month.
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