Samsung slashes Q3 profit estimate down 33% on Galaxy Note 7 recall

Samsung Electronics on Wednesday slashed its third-quarter profit estimate by 33.3%, citing fallout from the recall nightmare surrounding its scrapped Galaxy Note 7 smartphone.

The South Korean electronics giant filed a revised operating profit estimate of 5.2 trillion won ($4.6 billion), compared to the 7.8 trillion won it announced just last week.

The company also slashed its third-quarter sales estimate by four percent to 47 trillion won from 49 trillion won.

Just a day back it was reported that Samsung's stocks had plummeted by 7.50% or down 1,26,000 South Korean Won (SKW), at 15,54,000 SKW per piece. The shares of Samsung plummeted since Monday when news arrived that the company would be stopping the production of Note 7.