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Samsung Drastically Cuts Profit Estimates As Malfunctions Continue

Samsung Electronics severely cut its estimated profits for the third-quarter Wednesday after it was forced to entirely scrap its flagship line of Galaxy Note 7 smartphones a day earlier. The South Korean telecom company slashed its estimated profits by 33.3 percent from about $6.9 billion to $4.6 billion. The announcement came after Samsung shares on the South Korean stock exchange fell by nearly nine percent over the course of two days. The company announced Tuesday it was shutting...

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