Due to Galaxy Note 7 Recalls, Samsung slashes Q3 profit estimate down by 33%

On Wednesday, the South Korean electronics giant Samsung slashed its Quarter 3’s profit estimate down by 33.3% due to the recalling of its premium flagship device – Galaxy note 7.

Credit: pocket-lint
Credit: pocket-lint

Samsung electronics filed a revised operating profit estimate of 5.2 trillion won ($4.6 billion) when compared to the 7.8 trillion won it announced just last week.The third-quarter sales estimate by four percent to 47 trillion won from 49 trillion won was slashed by the company.

Company’s shares went down since Monday when it announced that Galaxy Note 7’s production will be stopped.

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