Samsung Electronics has issued a public apology and acknowledged the company is considered to be in “crisis,” following the release of worse than expected profit guidance on Tuesday.

One of the world's largest chipmakers reports troubling financials as it cedes ground to competitors in legacy and advanced technologies.

Samsung Electronics warned its third-quarter profit would come in below market expectations and apologised for the disappointing performance with the tech giant lagging its rivals in supplying high-end chips to Nvidia in the booming AI market.

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