A couple tries out Samsung Electronics' Galaxy Note 7 at the company's headquarters in Seoul, South Korea, October 10, 2016. REUTERS/Kim Hong-Ji
SEOUL: Samsung Electronics Co slashed its quarterly profit estimate by a third on Oct 12, soaking up a US$2.3bil (RM9.65bil) hit from ditching its flagship smartphone in what could be one of the costliest product safety failures in tech history.
Quantifying the financial pain of the Oct 11 move to scrap the Galaxy Note 7 smartphone after a global recall and weeks of mounting problems, the world's top smartphone maker said it expects its July-September operating profit was 5.2tril won (RM19.39bil), down from the 7.8tril won (RM29.09bil) it estimated five days ago.
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