SEOUL, South Korea — Samsung Electronics says the discontinuation of the Galaxy Note 7 would cost the company about $3 billion during the current and next quarters.
The company said Friday the Note 7 discontinuation will cost in the mid-2 trillion won range during the October-December period and another 1 trillion won ($884 million) during the January-March quarter.
Samsung has already slashed its third-quarter profit forecast by $2.3 billion earlier this week, an amount that could wipe out its entire mobile business profit.
READ: Globe, Smart recall Samsung Note 7 phones
It added that it will make significant changes in its quality assurance processes.
Due to mysterious fires and overheating, more than 2.5 million Galaxy Note 7 smartphones were recalled twice, most of them in the United States and South Korea, before it was discontinued just two months since its launch.