Samsung issues rare apology for poor results in tech 'crisis'

Seoul: Samsung Electronics issued a rare apology and acknowledged on Tuesday it was facing a crisis over its technological competitiveness, reflecte...

Seoul: Samsung Electronics issued a rare apology and acknowledged on Tuesday it was facing a "crisis" over its technological competitiveness, reflected in a disappointing profit guidance, despite a global AI boom.

Samsung said it expected third-quarter profits to rise to 9.1 trillion won ($6.8 billion), up 274.5 percent from a year earlier, falling short of market expectations as the company struggles to leverage robust demand for the chips used in artificial intelligence servers.

"Today, we, the management of Samsung Electronics, would like to first say sorry to you," Samsung said in a statement signed by Jun Young-hyun, the vice chairman of its device solutions division.

It said "concerns have arisen about our fundamental technological competitiveness and the future of the company" because of the results.

"Our management will take the lead in overcoming the crisis... We will make the serious situation we are currently facing an opportunity for a resurgence."