Samsung Expects Further Profit Hit From Note 7 Fallout

Samsung Expects Further Profit Hit From Note 7 Fallout

Samsung expects further blows to its profits from the withdrawal of the Note 7 phone, saying revenue will be affected in the first quarter of 2017.

The tech giant had already revised down its third-quarter earnings guidance.

On Friday, it said it expected an additional negative impact of around 3tn won ($2.7bn, £2.2bn).

The Note 7 was recalled last month after battery fires, but when replacement phones experienced the same problem, Samsung scrapped the device.

The premium phone, launched in August, was meant to compete with Apple's new iPhone 7 at the top end of the smartphone market.

The revised outlook brings to more than $5bn the total losses the world's biggest smartphone maker says it expects as a result of the Note 7 fiasco, after it said on Wednesday it would suffer a $2.3bn hit to third-quarter profit.

Read more from BBC here

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