Samsung's Q3 profit misses estimates as it struggles in AI chips
Samsung Electronics estimated a 274 percent jump in third-quarter operating profit on Tuesday, October 8, but missed analyst estimates, as it struggled to capitalize on strong demand for chips used in artificial intelligence servers.
The world's largest memory chip, smartphone and TV maker estimated an operating profit of 9.1 trillion won ($6.78 billion) for the three months ended September 30, versus a 10.3 trillion won LSEG SmartEstimate. That would compare with 2.43 trillion won in the same period a year earlier and 10.44 trillion won in the preceding quarter.
Samsung's share price, which has fallen more than 20 percent so far this year, fell 0.7 percent after the earnings guidance.
REUTERS / SAMSUNG ELECTRONICS HANDOUT
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