Samsung issued earnings guidance last week that suggested the calamitous Galaxy Note 7 recall wouldn't have a major impact on the company's bottom line, but the company just released a statement adjusting its forecast significantly. Operating profit for the third quarter of 2016 is now estimated to come in at 5.2 trillion won, down 33 percent from the previous figure, while revenue expectations have been slashed by 2 trillion won to 47 trillion.
Earnings of 5.2 trillion won would represent the first year-on-year profit decline for Samsung in a year. The company made 7.39 trillion won in Q3 2015, which was a return to profit growth after two years of decline; the company is now predicting a 30 percent drop on that figure. Last quarter...
Samsung slashes profit forecast by a third following Galaxy Note 7 debacle
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