Samsung profits hit by smartphone fiasco
Samsung has warned that profits will take a £1.9 billion hit from pulling its Galaxy Note 7 smartphones off the market.
The South Korean electronics giant said third-quarter operating profit is expected to come in at 5.2 trillion won (£3.7bn), down from previous estimates of 7.8 trillion won (£5.6bn).
On Tuesday Samsung scrapped its flagship Galaxy Note 7 smartphone, a day after halting sales because of concerns over consumer safety.
The group had delayed the launch of the Note 7 in the UK in September as it investigated and replaced faulty units that were overheating and exploding due to a... read more
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