Samsung expects another $3 billion hit to profit from Note 7 failure

Samsung expects another $3 billion hit to profit from Note 7 failure

The logo of Samsung Electronics is seen at company's headquarters in SeoulSamsung Electronics Co Ltd on Friday said it expects to take a hit to its operating profit of about $3 billion over the next two quarters due to the discontinuation of its fire-prone Galaxy Note 7 smartphone. The outlook brings to more than $5 billion the total losses the global smartphone leader has forecast as a result of the overheating issues, after it said on Wednesday it would suffer a $2.3 billion hit to third-quarter profit. To make up for the lost revenue, Samsung said it would expand sales of products such as the Galaxy S7 and S7 edge phones.


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