Samsung slashes profit forecast by a third following Galaxy Note 7 debacle

Samsung issued earnings guidance last week that suggested the calamitous Galaxy Note 7 recall wouldn't have a major impact on the company's bottom line, but the company just released a statement adjusting its forecast significantly. Operating profit for the third quarter of 2016 is now estimated to come in at 5.2 trillion won ($4.6 billion), down 33 percent from the previous figure, while revenue expectations have been slashed by 2 trillion won to 47 trillion ($41.8 billion).
Earnings of 5.2 tri