Samsung Slashes Q3 Sales, Profit Estimates Following Note 7 Debacle

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Looking at recent tech debacles, very few of them can match Samsung’s Galaxy Note 7 which according to a recent announcement from Samsung is projected to cost the company between $2.2-$2.4 Billion USD in just this quarter alone.

Previously, Samsung projected consolidated sales of approximately 49 Trillion Korean Won and consolidated operating profit of approximately 7.8 Trillion Korean Won in 3Q2016. However, new guidance released today projects consolidated sales of approximately 47 Trillion Korean Won and consolidated operating profit of approximately 5.2 Trillion Korean Won.

According to Reuters, total revenue loss from damage to the Samsung brand and future earnings from the Galaxy Note 7 could reach $17 Billion.

 

Source: Samsung

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