Samsung suffers £4.4bn phone bill

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The total cost of Samsung pulling its fire-prone Galaxy Note 7 smartphones off the market will be at least  £4.4 billion, the beleaguered electronics giant has warned.

Samsung had already cut its third-quarter profit forecast by £1.9 billion this week. But it now expects an additional hit of around 3.5 trillion won (£2.5 billion) following one of the most disastrous launches in corporate history.

The update came just days after the South Korean firm scrapped its new flagship product, which was meant to take the fight to Apple’s latest iPhone 7.

It recalled the phones last month following reports of batteries burning during charging. 

“Moving forward, Samsung Electronics plans to normalise its mobile business by expanding sales of flagship models such as the Galaxy S7 and Galaxy S7 edge,” the firm said.

It will focus on making “significant changes” in its quality assurance processes.

US activist investor Elliott Advisors is calling for a break-up of the company.


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October 14, 2016 |
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