You are here

Samsung slashes Q3 profit estimate by a third

It makes a 2.6 trillion won guidance cut for the July-Sept period following move to ditch troubled Note7 phone

Seoul

SAMSUNG Electronics Co slashed its quarterly profit estimate by a third on Wednesday, soaking up a US$2.3 billion hit from ditching its flagship smartphone in what could be one of the costliest product-safety failures in tech history.

Quantifying the financial pain of Tuesday