Samsung Q3 profits drops by 30% as the Galaxy Note7 bombs

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Samsung Electronics has released its third quarter earnings  this morning and boy did it take a hit with the cancellation of the Galaxy Note7.  The revenue was $41.9 billion which is down by 7.5% year-on-year. The operating profit amounted to $4.5 billion down by $1.89 billion, which was in line with the expected decline of 30%. 

The IT &  Communication division which makes its smartphones fared a bit worse with profits dropping by 96% to $87.1 million no thanks to the cancellation of the Galaxy Note7.