Normally a company reporting a nearly fourfold increase in its operating profit is a cause for celebration. Not so for Samsung Electronics, which accompanied its profit forecast on Tuesday with an apology.

Samsung Electronics warned its third-quarter profit would come in below market expectations and apologised for the disappointing performance with the tech giant lagging its rivals in supplying high-end chips to Nvidia in the booming AI market.

Samsung Electronics said its third-quarter profit will come in below market estimates and apologised for the unsatisfactory performance with the electronics giant lagging its rivals in selling high-end chips to Nvidia in the expanding AI business.