Samsung Note 7 recall to cost company $5.3 billion
South Korean electronics major Samsung on Friday said the Galaxy Note 7 crisis will negatively impact its profit through March 2017 by $3 billion, on top of an already announced $2.3 billion cut. This comes after Samsung killed the Galaxy Note 7 due to exploding batteries. The company's shares slumped over 8%, wiping off $20 billion from its market value.