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Samsung Q3 Operating Profit Forecast Cut Following Note7 Woes

Following its decision to halt sales and production of the Galaxy Note7 smartphone, Samsung has released a revised earnings guidance for the 2016 third quarter, reducing its operating profit estimate by 2.6 trillion Korean won (around $3.06 billion).

Under its revised guidance, Samsung has estimated operating profit of approximately 5.2 trillion won and sales of approximately 47 trillion won for the quarter.

“After recent incidents and in consideration of our consumers’ safety, Samsung Electronics stopped sales, exchanges and production of the Galaxy Note7,” Samsung stated upon release of the revised guidance.

Samsung stated that the revised guidance “reflects the impact of this decision on the third quarter earnings”.

Samsung had last week originally advised that it expected operating profit of approximately 7.8 trillion won and sales of approximately 49 trillion won.

The figures compare to last year’s third quarter results of operating profit of 7.39 trillion won and sales of 51.68 trillion won.

Samsung Australia yesterday advised that it is extending its current recall of Note7 smartphones to all Note7s in Australia, including those provided as replacement devices.

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