Samsung Electronics cut its revenue and profit forecast for the third quarter after the disastrous launch of its flagship Galaxy Note7 smartphone, which the company had to recall and eventually stopped producing after reports of overheating batteries.

The South Korean company said Wednesday that revenue for the quarter was likely to be about 47 trillion won (US$4.2 billion), down from the 49 trillion won that it had expected earlier this month in a preliminary forecast. Operating profit is expected to drop by about 2.6 trillion won to 5.2 trillion won.

The company said it was revising its revenue and profit forecast because of the Note7 debacle.

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