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Samsung Electronics shares up after it sees more profit hit from Note 7
October 14, 2016 / 12:22 AM / a year ago

Samsung Electronics shares up after it sees more profit hit from Note 7

A customer uses his Samsung Electronics' Galaxy Note 7 as he waits for an exchange at company's headquarters in Seoul, South Korea, October 13, 2016. REUTERS/Kim Hong-Ji

SEOUL (Reuters) - Shares of Samsung Electronics Co Ltd (005930.KS) traded slightly higher on Friday morning after the South Korean electronics giant said it expected to take a greater profit hit from the demise of its fire-prone Galaxy Note 7 smartphones.

Samsung shares were up 0.8 percent as of 0008 GMT, versus the wider market's .KS11 0.6 percent gain.

Samsung said it expected to take a hit to its operating profit of about $3 billion over the next two quarters due to the discontinuation of the Note 7.

Reporting by Hyunjoo Jin; Editing by Stephen Coates

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