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.

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.

When the Korean appliance and electronics giant announced weaker-than-expected guidance on Tuesday for Q3 earnings, vice chairman Young Hyun Jun addressed the results in a forthright letter to customers,