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Samsung expects higher profits despite Note 7 recall | |
(about 5 hours later) | |
Samsung Electronics says its operating profits are expected to have risen in the third quarter, despite the recall of its Galaxy Note 7 smartphone. | |
Profits for the July to September period are forecast to be 5.6% higher at 7.8 trillion won ($7bn; £5.7bn). | |
Analysts had expected worse numbers after the Note 7 recall over faulty batteries and "exploding" phones. | |
The earnings guidance does not give any details about the performance of individual businesses. | The earnings guidance does not give any details about the performance of individual businesses. |
The flagship Galaxy Note 7 was recalled in 10 markets around the world, including the US, Europe and South Korea. | The flagship Galaxy Note 7 was recalled in 10 markets around the world, including the US, Europe and South Korea. |
Some estimates had suggested the recall would reduce Samsung's profits by 1tn won or more. | |
However, a strong performance by its chip and display business is expected to have offset some of those losses. | |
The earnings guidance did not comment on calls by investors to radically restructure the firm into two separate holding and operating companies. | The earnings guidance did not comment on calls by investors to radically restructure the firm into two separate holding and operating companies. |
On Thursday, Samsung had said it was "carefully reviewing" the suggestion. |
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