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Samsung's Q3 profit estimate revised down to 5.2 tln won

All News 16:23 October 12, 2016

SEOUL, Oct. 12 (Yonhap) -- Samsung Electronics Co. said Wednesday it has revised its operating profit estimate for the third quarter down to 5.2 trillion won (US$4.6 billion), apparently 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.

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.

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