Samsung Electronics on Wednesday slashed its latest quarterly profit estimate by one third in the wake of a highly damaging recall crisis that ended with the scrapping of its latest flagship smartphone.
Samsung Electronics on Wednesday cut its third-quarter operating profit estimates by $2.3 billion, suggesting the amount of damage done by ending production of the Galaxy Note 7.
The company slashed its third-quarter profit estimate by a third to absorb the hit from its decision to end production of the smartphone and recall millions of devices.
Smartphone maker Samsung has cut its profit forecast by 33%. It puts the blame squarely on its crisis with the Galaxy Note 7. The phone's batteries have been catching fire. Samsung now says its profit from July to September will be ...
Samsung Electronics cut its preliminary third-quarter earnings forecast due to its Galaxy Note 7 recall, reflecting the widening financial impact of the product-safety crisis on the South Korean technology giant.