Galaxy Note 7 reduced by 30% the profit of Samsung in Q3 2016, the Korean company making this announcement during this day, before revealing the financial results for this period. Samsung had made a profit estimate for Q3 2016 before the Galaxy Note 7 replacement units turned into a fiasco, and now they have updated it.
Just last week, Samsung announced its figures regarding the financial evolution in T3 2016 and although the mobile division was going to register a decrease in receipts, the company's total profit was not going to be lower than that of T3 2015. Considering that the Galaxy Note 7 was taken off sale, Samsung has now announced a third cut in profit for Q3 2016.
According to those from Samsung, the profit for Q3 2016 will drop to 4.6 billion dollars, 33% lower than what the American company had initially announced. Although the profit drops drastically, Samsung's receipts will decrease by 1.7 billion dollars, but the final amount will be 41.8 billion dollars, so the decrease represents less than 5% of the company's total receipts.
In Q3 2015, those from Samsung had generated a profit of almost 5.3 billion dollars, so we are talking about a decrease in profit by several hundred million dollars in a year. This is the first time in the last year that Samsung failed to exceed its financial results from the similar period of the previous year.
In the fiscal quarter last year, Samsung had the highest profit in the last 2 years and things seemed to be going great for the company. Ceid e at Samsung had two years in which revenues and profit decreased, and 2016 seemed to be their comeback year until the moment they rushed the launch of the Galaxy Note 7 and then lied to the world about the terminal's problems.
