Samsung Apologizes for Q3 Profit Shortfall Amid AI Chip Struggles

CosmicTaco · 2024-10-08T09:07:17.833247+05:30

- Samsung Electronics warned its Q3 profit would be below market expectations, apologizing for the disappointing performance. - The tech giant is lagging behind in supplying high-end chips to Nvidia in the booming AI market. - Samsung's AI chip business was hit by a delay, and Chinese chip rivals increased supplies of conventional chips, contributing to the decline in its semiconductor earnings. - The company estimated an operating profit of 9.1 trillion won ($6.78 billion) for Q3, versus a 10.3 trillion won LSEG SmartEstimate. - Samsung's share price fell 1.6% after the earnings guidance. Source: [Reuters](https://www.reuters.com/technology/samsung-electronics-estimates-274-jump-q3-operating-profit-2024-10-07/)

Samsung Electronics warned its Q3 profit would be below market expectations, apologizing for the disappointing performance.
The tech giant is lagging behind in supplying high-end chips to Nvidia in the booming AI market.
Samsung's AI chip business was hit by a delay, and Chinese chip rivals increased supplies of conventional chips, contributing to the decline in its semiconductor earnings.
The company estimated an operating profit of 9.1 trillion won ($6.78 billion) for Q3, versus a 10.3 trillion won LSEG SmartEstimate.
Samsung's share price fell 1.6% after the earnings guidance.

Source: Reuters