Samsung warns fourth-quarter profit to miss forecasts [Video]

South Korea’s Samsung Electronics said Wednesday it expected fourth-quarter profits to fall sharply from the previous quarter and miss forecasts as it struggled to meet robust demand for chips used in artificial intelligence servers.

The announcement comes after the world’s largest memory-chip maker issued a rare apology in October acknowledging it was facing a “crisis” and that questions had arisen about its “fundamental technological competitiveness and the future of the company”.

It said in a regulatory filing that October-December operating profits were expected to come in at 6.5 trillion won ($4.5 billion), up 130.5 percent from a year earlier.

But that is down nearly 30 percent from 9.18 trillion won in the previous three months and 16 percent below the average estimate, according to the Yonhap news agency, which cited its own financial data firm.

Sales were seen increasing 10.7 percent on-year to approximately 75 trillion won, which was also …