Samsung lowers third-quarter earnings estimates

[THE INVESTOR] Samsung Electronics on Oct. 12 lowered its third-quarter earnings estimates following the sales and production suspension of its latest Galaxy Note 7 smartphone.

Its July-September operating profit was lowered from 7.8 trillion won (US$6.90 billion) to 5.2 trillion won, while revenue was also down from 49 trillion won to 47 trillion won.

The operating profit is a 29.63 percent plunge from a year ago. 

The company said the estimated figures have been adjusted to reflect losses following the sales halt of its bigger-screen flagship smartphone in accordance with disclosure rules in the local securities market.

By Lee Ji-yoon (jylee@heraldcorp.com)