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.

Samsung Electronics expects third-quarter earnings growth to slow sharply, hurt in part by China’s oversupply of lower-end chips eating into its semiconductor margins.

Samsung Electronics estimated on Tuesday its third-quarter operating profit jumped 274%, but that was short of analysts' estimates as the tech giant struggled to capitalise on strong demand for chips used in artificial intelligence servers.

Samsung’s Vice Chairman, Jun Young-hyun, the new head of the company’s Device Solutions Division, issued a rare apology on Tuesday following the company’s disappointing third-quarter profit guidance.

Q3 earnings guidance SEOUL, Oct. 8 (Yonhap) -- Samsung Electronics Co. on Tuesday estimated its third-quarter operating profit nearly tripled, but missed market expectations due to the lukewarm performance of its high-end memory chips used in artificial intelligence computing.