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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
Add BT as a preferred sourcePublished Wed, Oct 12, 2016 · 09:50 PM
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's move to scrap the Galaxy Note7 smartphone after a global recall and weeks of mounting problems, the world's top smartphone maker said it expects its July-to-September operating profit to come in at 5.2 trillion won (S$6.5 billion), down from the 7.8 trillion won it estimated five days ago.
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