Samsung estimates $3B loss over Galaxy Note 7
(CNN) – Mobile phone giant Samsung says it expects to take a big loss over its decision to stop production of the Galaxy Note 7 smartphone.
In a statement, Samsung says it expects to lose a whopping $3 billion in operating profit between now and March.
Samsung announced this week that it’s ending all production and sales of the Note 7.
The problems began in September, when Samsung recalled two-and-a-half million Note Seven phones due to overheating batteries that could cause the devices to catch fire.
Samsung then issued replacement phones with updated software and a new battery supplier. But those phones also caught fire.