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Samsung to lose $3 billion in next six months following catastrophic Galaxy Note 7 launch

Samsung to lose $3 billion in next six months following catastrophic Galaxy Note 7 launch

Samsung is set to lose $3.1 billion across Q4 2016 and Q1 2017 following its discontinuation of the Galaxy Note 7.

The company has said in a statement that it expects to lose $2.2 billion through Q4. It then expects to lose $900 million in Q1 of 2017.

It has also stated that it will return to pushing its older Galaxy S7 model in an attempt to make up for the loss. Samsung has also said that it will make "significant changes" to its quality assurance process.

Dark times

Samsung previously slashed its sales figures for Q3 2016 to predict a loss of $2 billion following the immediate effects of recalling the Galaxy Note 7.

It officially halted production of the devices on October 11th. All Galaxy Note 7's are now deemed unsafe, and Samsung is continuing to run its recall program.

The company has also seen its share price fall 8%, its biggest drop in a single day in the last eight years.


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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