(UPDATE) SEOUL — Samsung Electronics said on Tuesday it expected third-quarter (Q3) profits to jump almost threefold, 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. It is also down nearly 13 percent from the firm's operating profit of 10.44 trillion won in the previous quarter. Shares in Samsung fell 1.5 percent in Seoul on Tuesday.

Source: Manila Times October 09, 2024 04:26 UTC