Samsung Electronics said Tuesday it expected third-quarter profits to jump almost three-fold, but fell short of market expectations as it struggled to leverage robust demand for chips used in artificial intelligence servers.
The firm is the flagship subsidiary of South Korean giant Samsung Group, by far the largest of the family-controlled conglomerates that dominate business in Asia’s fourth-largest economy.
The tech giant said in a regulatory filing that its July-September operating profits were expected to rise to 9.1 trillion won ($6.8 billion), up 274.5 percent from a year earlier.
But that was almost 12 percent lower than the average estimate, according to South Korea’s Yonhap News Agency, which cited its own financial data firm.
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