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Samsung slashes sales forecasts and predicts $2 billion loss in wake Galaxy Note 7 woes

Samsung slashes sales forecasts and predicts $2 billion loss in wake Galaxy Note 7 woes

Samsung has drastically adjusted its sales forecast for Q3 to reflect its continued troubles with the launch of its Galaxy Note 7.

The company is now predicting an operating profit of $4.6 billion. This figure is $2.4 billion lower than its original forecast made on October 7th.

If Samsung's predictions are right, then the company would make a loss of 30% year-on-year. It would be the first year-on-year loss in a year.

Its sales forecasts have also been adjusted with Samsung anticipating its sales to be $41.8 billion, down $2.2 billion from past predictions.

Burning up

The adjustment comes after Samsung halted all sales and production of its Galaxy Note 7 amid numerous reports of devices overheating and exploding.

The company has also issued a full recall of all models, whether they were part of the original run or the replacement models.

Samsung has recommended users exchange their phones for the older Galaxy S7, although carriers and retailers are also offering full refunds and exchanges for other devices.


Editor

Ric is the Editor of PocketGamer.biz, having started out as a Staff Writer on the site back in 2015. He received an honourable mention in both the MCV and Develop 30 Under 30 lists in 2016 and refuses to let anyone forget about it.

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