- Reuters•10 days ago
Samsung Electronics Co slashed its quarterly profit estimate by a third on Wednesday, soaking up a $2.3 billion hit from ditching its flagship smartphone in what could be one of the costliest product safety failures in tech history. Quantifying the financial pain of Tuesday's move to scrap the Galaxy Note 7 smartphone after a global recall and weeks of mounting problems, the world's top smartphone maker said it expects its July-September operating profit was 5.2 trillion won ($4.7 billion), down from the 7.8 trillion won it estimated five days ago. Samsung said in a statement the 2.6 trillion won ($2.3 billion) guidance cut reflects the sales and earning impact it currently expects from the decision to permanently halt sales of the $882 Note 7 device.
- Reuters•16 days ago
South Korea's LG Electronics Inc said on Friday it expects third-quarter operating profit slipped 3.7 percent from a year earlier, as the consumer appliance and smartphone maker was likely hit by continued losses at its mobile division. LG, the world's second-largest TV maker behind domestic rival Samsung Electronics Co Ltd, said in a brief regulatory filing it expects July-September operating profit to be 283 billion won ($254.53 million). Revenue for the period fell 5.8 percent to 13.2 trillion won, compared with a Thomson Reuters StarMine SmartEstimate of 13.6 trillion won.
- Reuters•last month
Samsung Electronics Co Ltd and LG Electronics were accused of agreeing not to poach each other's U.S. employees, according to a U.S. civil lawsuit filed last week, in what has become a familiar allegation in Silicon Valley. The proposed class action, filed in a Northern California federal court by a former LG sales manager, accuses Samsung and LG of antitrust violations and driving down employee wages. The case is similar to one against Apple Inc, Google and other tech companies which settled last year for $415 million.
LG Electronics Inc. (066570.KS)
KSE - KSE Delayed Price. Currency in KRW
|Day's Range||50,300.00 - 51,000.00|
|52wk Range||47,200.00 - 66,100.00|
|1y Target Est||N/A|
|P/E Ratio (ttm)||N/A|
|Avg Vol (3m)||706,402|
|Dividend & Yield||N/A (N/A)|