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Samsung expects further profit hit from Note 7 fallout Samsung takes £4.4bn hit to profits from Note 7 fallout
(35 minutes later)
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 total cost of pulling Galaxy Note 7 smartphones off the market will be at least £4.4bn ($5.4bn), Samsung said.
The tech giant had already revised down its third-quarter profit guidance. The South Korean tech giant had already lowered its third-quarter profit guidance by £1.9bn ($2.3bn).
On Friday, it said it expected an additional negative impact of around 3tn won ($2.7bn, £2.2bn). On Friday, it said it expected an additional hit of about 3.5 trillion won ($3bn, £2.5bn).
The Note 7 was recalled last month after battery fires, but when replacement phones experienced the same problem, Samsung scrapped the device.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 premium phone, launched in August, was meant to compete with Apple's new iPhone 7 at the top 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. Despite the setback, Samsung Electronics still expects to make 5.2 trillion won (£3.7bn) in operating profit during the third quarter after the recall cost.
Samsung cuts profit forecastSamsung cuts profit forecast
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Samsung Note 7 flames out: Experts reactSamsung Note 7 flames out: Experts react
Timeline: Samsung's Note 7 woesTimeline: Samsung's Note 7 woes
Rory Cellan-Jones: Samsung's burning issueRory Cellan-Jones: Samsung's burning issue
'Enhance product safety''Enhance product safety'
The firm said that in order to "normalise its mobile business", it would expand sales of its other flagship devices, such as the Galaxy S7 and S7 Edge.The firm said that in order to "normalise its mobile business", it would expand sales of its other flagship devices, such as the Galaxy S7 and S7 Edge.
"Additionally, the company will focus on enhancing product safety for consumers by making significant changes in its quality assurance processes," Samsung said."Additionally, the company will focus on enhancing product safety for consumers by making significant changes in its quality assurance processes," Samsung said.
In September, the company recalled about 2.5 million Note 7 devices after complaints of overheating and exploding batteries.In September, the company recalled about 2.5 million Note 7 devices after complaints of overheating and exploding batteries.
It later insisted that all replaced devices were safe. However, that was followed by reports that those phones were catching fire too.It later insisted that all replaced devices were safe. However, that was followed by reports that those phones were catching fire too.
On Tuesday, the company said it would permanently cease production of the device and urged owners to turn it off.On Tuesday, the company said it would permanently cease production of the device and urged owners to turn it off.