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Samsung has slashed its profit guidance by a third after its exploding smartphone disaster (005930)

Samsung is slashing $2.3 billion off its profit guidance following its decision to stop selling the Galaxy Note 7 smartphone due to safety issues. On Wednesday, the South Korean electronics company cut its third-quarter operating profit guidance to 5.2 trillion won ($4.66 billion) from 7.8 trillion won — by a third. Earlier this week, it announced that it was permanently halting production of the Note 7, after dozens of customers' devices exploded, caught on fire, melted, or started smoking uncontrollably — and multiple replacement devices issued to customers after a global recall were also affected by the same problems.
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