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Samsung expects another $3 billion hit to profit from Note 7 failure

An exchanged Samsung Electronics' Galaxy Note 7 is seen at company's headquarters in Seoul, South Korea, October 13, 2016. REUTERS/Kim Hong-Ji

SEOUL (Reuters) - Samsung Electronics Co Ltd <005930.KS> on Friday said it expects to take a hit to its operating profit of about $3 billion over the next two quarters due to the discontinuation of its fire-prone Galaxy Note 7 smartphone.

The South Korean tech giant said in a statement it expected the blow to profit to be in the mid-2 trillion won range in the fourth quarter and about 1 trillion won ($897.06 million) for the first quarter of 2017.

(Reporting by Se Young Lee; Editing by Stephen Coates)