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Samsung cuts Q3 profit estimate after scrapping Galaxy Note 7

Samsung Electronics Co. Ltd. has reduced its profit estimate for the third quarter of 2016, after considering the potential impact of its decision to stop producing and selling its Galaxy Note 7 smartphone.

In an Oct. 12 news release, the South Korean tech firm said it now expects its operating profit for the period to have reached about 5.2 trillion South Korean won, down from the about 7.8 trillion won it first revealed Oct. 7. Samsung also cut its third-quarter revenue estimate to 47 trillion won from the original amount of about 49 trillion won.

Meanwhile, Samsung investors want the company to explain what went wrong, following the battery fires that resulted in the pulling out of Galaxy Note 7 units from the market, The Irish Times of Dublin reported Oct. 12.

Samsung has asked its carrier and retail partners to suspend sales and exchanges for the Galaxy Note 7, following ongoing investigations into new reports of replacement devices catching fire.

The company could also reportedly push for the immediate market release of the Galaxy S8, the latest of the S-series smartphones.

As of Oct. 11, US$1 was equivalent to 1,126.28 South Korean won.