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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

Jungah Lee & Yoolim Lee 

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 ...

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First Published: Thu, October 13 2016. 00:20 IST