Samsung Slashes 3Q Profit Estimate By A third

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I knew that profit report we posted the other day was a little high. Hell, I think they are being conservative right now by only cutting profit estimates by a third because of this whole Galaxy Note 7 issue.

Samsung Electronics Co slashed its quarterly profit estimate by a third on Wednesday, soaking up a $2.3 billion hit from ditching its flagship smartphone in what could be one of the costliest product safety failures in tech history. Quantifying the financial pain of Tuesday's move to scrap the Galaxy Note 7 smartphone after a global recall and weeks of mounting problems, the world's top smartphone maker said it expects its July-September operating profit was 5.2 trillion won ($4.7 billion), down from the 7.8 trillion won it estimated five days ago.
 
Thing to remember...Samsung is an umbrella corp. They make everything.

Samsung Electronics probably covers everything from TVs to dishwashers to smartphones. Having one lemon product like this, I almost think that estimate is high.
 
Smartphones account for about 50% of their profits I believe and growing so it might be higher now. Second largest I think is components (in the 20s?) which would also be affected as a lot of the Note 7's components are sourced from themselves.

Note 7 sales projections were for 12m units by this year end.
 
I am seriously wondering if this will kill non-replaceable batteries forever.
One can dream I guess.
 
limitedaccess said:
Smartphones account for about 50% of their profits I believe and growing so it might be higher now. Second largest I think is components (in the 20s?) which would also be affected as a lot of the Note 7's components are sourced from themselves.

Note 7 sales projections were for 12m units by this year end.
Click to expand...

Source?

About 98% of OLED are Samsung, 50% of the world's DRAM, and 40+% NAND come from Samsung. Nevermind basically all the other consumer electronics that Samsung produces from TVs to refridgerators. That smartphones account for 50% of Samsung Electronics Co. profits I find wildly unbelievable.
 
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