Samsung operating profit to go up in flames to the tune of £2.5bn in the next two quarters after Galaxy Note 7 discontinuation October 14, 2016 South Korean electronics giant Samsung said today it expects to take a $3bn (£2.46bn) hit to its operating profit over the next two quarters because of the discontinuation of its Galaxy Note 7 smartphone. The announcement brings the total losses from the debacle to around $5.3bn. In a market update earlier this week, the company [...]
Apple is ramping up iPhone production after Samsung recall October 12, 2016 Apple and Samsung’s simmering rivalry was taken up a notch amid the South Korean firm’s Galaxy Note 7 meltdown, which is expected to cost billions and threatens to leave its reputation in tatters. Around $18bn ((£14.8bn) was wiped from Samsung’s value as shares plummeted more than eight per cent, its biggest intraday loss since the [...]
Slash and burn: Samsung just cut profit forecasts by a third October 12, 2016 Samsung has slashed its profit outlook for the quarter by a third after the feted launch of its flagship Galaxy Note 7 ended in a fiery recall. In an update to markets, the South Korean firm slashed its estimates for the quarter to the end of September to 5.2 trillion won (£3.8bn), dialling back on initial [...]
Will Samsung’s image burn and crash after Galaxy fires? October 12, 2016 Yesterday, Samsung permanently halted production of its Galaxy Note 7 model after the devices were reported to be catching on fire due to a battery fault. It comes just a month after the manufacturer undertook a recall of the product following similar incidents. But how serious a crisis is this for the South Korean tech giant? [...]
Have the Galaxy Note 7 fires destroyed Samsung’s chances of competing with Apple? October 11, 2016 Michael Jacobides, associate professor of strategy and entrepreneurship at London Business School, says Yes. The Galaxy Note fires have been a serious blow for Samsung, not least because this is the second time that the company has had to recall this product. As we trust mobile devices to be not only the gateway to our communication, [...]
Picks of the day: The three stories to read today October 11, 2016 You have probably been working hard all day – looking to take a break to catch up on the latest news? We’ve done the legwork for you, and put together the top stories people are talking about today in bite-sized form, just to make your life that bit easier. Samsung’s Galaxy implodes If you have [...]
Discontinued: Samsung’s completely ditching disastrous Galaxy Note 7 production October 11, 2016 Samsung will completely ditch the disastrous Galaxy Note 7 after a catalogue of errors since the device was recalled due to a number of reported explosions. Production of the device will come to a permanent end the, company said in an update to markets on Tuesday. Samsung was forced to announce a temporary halt to production just yesterday, after [...]
Samsung shares slide as electronics giant halts Galaxy Note 7 sales on exploding battery concerns October 11, 2016 Shares in Samsung were down 6.7 per cent this morning after the South Korean electronics giant halted sales of its Galaxy Note 7 smartphone and urged customers to switch off their devices. The company has asked all global carriers to stop selling the Note 7 devices and halt exchanges of the original device for replacements, while it works [...]
Elliott Advisors reverses loss-making activities after cutting UK wage bill October 6, 2016 The UK arm of the activist fund manager involved in the likes of Poundland, SABMiller and Samsung has swung back into profit. Elliott Advisors UK, which runs British operations on behalf of its US parent, made a profit of £2.6m in the year to December 2015 after generating a loss of £2.7m the year before. [...]
Pixel phone and Google Home: What to expect from Google’s big event October 4, 2016 Google is preparing for an event almost as anticipated as any Apple has put on for its iPhones over the years. The tech giant is expected to launch a range of new hardware and software that even its own executives are billing as something as big as when it first launched the Android operating system. We [...]