Samsung flags $5.3 billion profit hit from Note 7 failure

By Hyunjoo Jin and Joyce Lee SEOUL (Reuters) - Samsung Electronics Co Ltd on Friday said it expected to take a hit to its operating profit of about $3 billion over the next two quarters due to the discontinuation of its fire-prone Galaxy Note 7 smartphone. Park Jung-hoon, a fund manager at HDC Asset Management which owns shares in Samsung affiliates, said that although future losses would not be as bad as the third quarter the company had to work hard to rebuild confidence.