Sales promotion staff stand in front of a Galaxy Note 7 advertisement at a Samsung store in Jakarta, Indonesia, October 11, 2016. REUTERS/Beawiharta
Sales promotion staff stand in front of a Galaxy Note 7 advertisement at a Samsung store in Jakarta, Indonesia, October 11, 2016. REUTERS/Beawiharta

Samsung slashes Q3 profit estimate by a third

The South Korean electronics giant cites fallout from scrapped Galaxy Note 7 smartphone

October 12, 2016 3:37 PM (UTC+8)

Samsung Electronics on Wednesday slashed its third-quarter profit estimate by 33.3%, citing fallout from the recall nightmare surrounding its scrapped Galaxy Note 7 smartphone.

The South Korean electronics giant filed a revised operating profit estimate of 5.2 trillion won (US$4.6 billion), compared to the 7.8 trillion won it announced just last week.

The company also slashed its third-quarter sales estimate by four percent to 47 trillion won from 49 trillion won.

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