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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: 1, Interesting) by Anonymous Coward on Friday October 28 2016, @02:00PM
My friend works as a low-level drone for them in the US, that company has really toxic culture. I am steering clear of their products from now on. I used to talk shit about apple, but at this point they are looking a lot better for handsets, I don't trust google one bit not to data-mine the shit out of my phone, and as far as all the other manufacturers I am a suspect of their quality. Now for TVs, I am at a loss. Seems all the companies went with the 1984 TELESCREEN as blueprint.