Samsung Electronics are expecting to take a huge hit following the controversy surrounding their Galaxy Note 7 smartphones.
Owners of the Galaxy Note 7 were advised earlier on this week to power them down over safety fears that the devices may burst into flames. Aviation authorities have also asked people not to bring them on planes.
Several million of the smartphones also had to be recalled.
Samsung has announced that they anticipate enormous losses as a result of the fault in the phone – and admitted on Wednesday that projections for third-quarter profit were down by $2.3 billion.
It’s not expected to get all that much better around Christmas or early 2017 either, with the company expecting to lose $3 billion in profits over the next two quarters. This brings the total expected losses over the nine-month period to $5.3 billion.
Samsung has said it will expand the sales of its other devices, and make ‘significant changes’ to its quality control.
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