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Biz News Korea(Eng)
Samsung Elec’s Q3 profit to shed $1 billion from Q2 due to recall
- Collected
- 2016.09.23
- Distributed
- 2016.09.26
- Source
- Go Direct
Compared to 8.14 trillion won ($7.37 billion) operating profit in the second quarter, the world’s largest smartphone and memory chip maker would see income figure closer to 7 trillion won in the July-September earnings after it reflects the expenditures for the recall that began in the fourth week of September.
The electronics company would release preliminary third-quarter date on October 7. At 1:46 p.m. the company’s stock price was at 1,572,000 won, down 2.8 percent from previous closing and 7.8 percent from Aug. 23 high of 1,694,000 won.
According to market analysis provider FnGuide on Thursday, average estimates for the company’s third-quarter operating profit came to 7.7 trillion won on Tuesday. Untie late August, the estimate was 8.2 trillion won amid strong response to the new Galaxy Note7 whose preorders doubled those of Galaxy Note5 that fueled the profit growth in the second quarter. Mobile device division contributed a profit of 4.3 trillion won in the second quarter.
Samsung Electronics’ fortune did not last. Galaxy Note7 came under scrutiny upon reports of its battery blowing up while charging. In just a few weeks from the first explosion, the company announced bold recall policy of replacing all 2.5 million units that had been shipped over the first month. The recall plan is estimated to cost the company around $1 billion.
By Lee Seung-hoon and Lee Yong-gun
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]