Samsung Electronics on Thursday reported an expected 30 percent profit plunge on the back of a highly damaging recall crisis that hammered the reputation of the world's largest smartphone maker. The third quarter earnings were announced just hours before the start of an annual shareholder meeting which was set to approve the latest step in a complex generational change of leadership at the family-run South Korean conglomerate.
Samsung said its operating profit for the July-September period stood at 5.2 trillion won ($4.6 billion), compared with 7.3 trillion won a year ago. The profit slump was in line with a revised earning estimate issued by Samsung two weeks earlier after it killed off its flagship Galaxy Note 7 smartphone due to devices overheating and bursting into flames.
The decision to discontinue production of a model aimed at competing with arch-rival Apple's iPhone was a devastating move for a company that prides itself on the quality production of cutting-edge technology.
Live by the smartphone, die by the smartphone.
(Score: 4, Funny) by jasassin on Friday October 28 2016, @07:55AM
Return it like this guy: https://www.thesun.co.uk/wp-content/uploads/2016/10/nintchdbpict000273958050.jpg [thesun.co.uk]
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