Samsung Estimates $2.3 Billion Loss Over Galaxy Note 7 Troubles [telecom]

The company slashed its third-quarter profit estimate by a third to absorb the hit from its decision to end production of the smartphone and recall millions of devices.

Samsung killed the Galaxy Note 7 smartphones this week after the devices continued to burst into flames. But the tech behemoth has not extinguished scrutiny over its safety record.

The South Korean manufacturer, which makes an array of consumer electronics, including kitchen appliances and television sets, is in the middle of juggling other safety problems. Those include a recall in Australia for more than 144,000 Samsung washing machines that were prone to causing fires, and a potential recall of defective laundry units in the United States.

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Monty Solomon
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