Samsung's Q3 Profit Estimate Revised Down to $4.6bn

Samsung Electronics said Wednesday it has revised its operating profit estimate for the third quarter down to 5.2 trillion won ($4.6 billion), hit by the permanent end of the Galaxy Note 7 smartphone.

    Samsung had previously estimated that its operating profit for the July-September period may stand at 7.8 trillion won, according to Yonhap news agency. Compared with a year ago, the revised estimate of third-quarter operating profit plunged 29.63 percent. Samsung also revised down its third-quarter sales estimate to 47 trillion won. 

    The revised earnings guidance came a day after Samsung announced that it will stop manufacturing the Note 7s because of continued safety concerns.

    Samsung announced a global recall of 2.5 million Note 7s in early September after some of the smartphones caught fire. As some of the replacement Note 7s reportedly caught fire as well, Samsung decided to permanently end production of the devices.