Samsung Electronics cut its projected third-quarter operating profit by $2.3 billion after ending production of its fire-prone Galaxy Note 7 smartphones, the first official indication of how much the crisis will cost South Korea's largest company. Profit is projected to be 5.2 trillion won ($4.63 billion) instead of 7.8 trillion won in the three months ended September, the company said in a regulatory statement Wednesday. That effectively erases all the mobile business profit that analysts had been projecting. Revenue will be 47 trillion won instead of 49 trillion won. Samsung and ...
Samsung cuts profit by a third after killing Note 7
Samsung's stock has slumped 10 per cent in the past three trading days, wiping $21 billion from its market value
Samsung Galaxy Note 7