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Samsung has been tending to its own financial wounds

Galaxy Note 7 smartphone

Galaxy Note 7 smartphone

Samsung Electronics conceded Friday that its decision this week to abandon the flawed Galaxy Note 7 smartphone will continue to drag on the company's operating profit well into next year.

Amid speculation that rival handset makers will erode the Korean giant's market share, Samsung has been tending to its own financial wounds.A company statement admitted that the "lost opportunity cost is estimated in the mid-2 trillion-won [$1.77-billion] range for the fourth quarter of 2016 and at approximately 1 trillion won for the first quarter of 2017."Factoring in Samsung's third-quarter hit as a result of halting production of the Note 7 due to a series of battery fires and explosions, the "entire financial impact" could reach around 7 trillion won ($6.2 billion) according to market watchers cited by local news agency Yonhap.

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