Samsung Q3 profit jumps 274%, but misses estimates; tech giant apologizes for lagging behind in AI chip market

Samsung Electronics on Tuesday estimated its third-quarter operating profit jumped nearly four-fold, but fell short of analysts’ projections, prompting the tech giant to issue a rare apology for lagging behind competitors in the rapidly expanding AI chip market.

The company reported a preliminary operating profit of approximately 9.1 trillion won ($6.8 billion) for the quarter ending September 30, missing the 10.3 trillion won forecast by LSEG SmartEstimate.