Samsung slashes Q3 2016 profit estimates following Note 7 discontinuation
"I think it's possible for fourth-quarter profits to come in as much as the high 7 trillion won [$6.2 billion] range,” Park Jung-hoon, a fund manager at HDC Asset Management, told Reuters.
Following two recalls of a total of 2.5 million Note 7 units, and the news for the smartphone's discontinuation, Samsung shares plummeted 10 percent this week, experiencing a further 0.7 percent drop Wednesday morning.
The global recall of Samsung's latest phablet was triggered by dozens of reports of units catching fire or exploding. The reasons for so many devices malfunctioning are still unclear, but Samsung is reportedly investigating the matter.
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