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Samsung sees over US$ 3 bil. profit loss from Note 7 sales halt

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Published on Oct 14, 2016

삼성전자 "S7•S7엣지 판매확대로 실적 조기 정상화 계획"
Samsung will incur billions of dollars in losses from the end of the Galaxy Note 7.
For the first time, the world's leading smartphone maker has officially commented on its potential future losses,... after revising down its earnings estimate for the third quarter.
Kim Min-ji has the discouraging digits. Ditching the ill-fated Galaxy Note 7 is expected to cost Samsung Electronics another three billion U.S. dollars over the next two quarters.
In a statement,.. the tech giant says it expects the termination to cut fourth quarter earnings by about two billion dollars,... and another one billion in the first quarter of next year.
Samsung recently revised down its earnings estimate for the third quarter to reflect the losses.
The company expects an operating profit of roughly four-point-six billion dollars,... for the July to September period.
That's down from the estimate of six-point-nine billion released last week. Based on the new estimates,... Samsung's operating profit is down about 30 percent from a year ago,.... and the lowest since the third quarter of 2014.
The wiping off of over two billion dollars,... comes from the cost of recall and refunds and replacement, stock clearance and marketing.
Taking ALL that into consideration,... the world's largest smartphone maker is expected incur a total loss of roughly seven billion dollars. "The majority of the users will want to refund rather than replace with S7 or S7 Edge, because they originally wanted a large device with a pen function, so there is no substitute in the market at this point, so they will probably go for a refund, and that will cost Samsung."

Earlier in the week,... Samsung said it will end production of the Note 7 -- in effect announcing it will discontinue its flagship phablet.... less than two months after its launch.
The decision came after reports of at least nine replacement handsets catching fire,... with incidents occurring mainly in the United States.
Samsung says it'll try to make up for the losses up expanding sales of its flagship Galaxy S7 and S7 Edge models.
It'll also use this as an opportunity to focus on enhancing product safety through changes in its quality assurance procedures.
Kim Min-ji, Arirang News.




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