Samsung is projected to still rake in the dough despite the Galaxy Note 7 debacle


When Samsung began experiencing issues with the Galaxy Note 7 which forced the company to issue a global recall, you would have thought the world was coming to an end for Samsung. There were reports that suggested that the recall cost Samsung over $1 billion and would greatly impact their Q3 results. However, according to projections, Samsung is looking to experience an uptick in profits when compared to this time last year.

Galaxy-Note-7-review (19)

Although the official results for Q3 have yet to be released, profit projections are indicating that Samsung will see a 5.5% increase compared to Q3 2015. This includes a $7 billion increase and is largely thanks to the company’s semiconductor business as it provides memory chips to Apple and other major manufacturers around the globe.

Not all news was good news though in these latest projections, as revenue has fallen 5.2 percent for the quarter. But regardless of down revenue, it seems that Samsung wasn’t affected all that much by the Galaxy Note 7 recall, at least in its pockets. We’ll have to wait until later this month to see the official numbers, but things are still looking good for Samsung.

[Reuters | Samsung]


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