Samsung Third-Quarter Profit Drops Amid Note 7 Phone Crisis

Samsung Electronics Co. reported a 17 percent slump in third-quarter profit after the demise of its fire-prone Note 7 line threw the world’s largest smartphone maker into disarray.

Scores of reports about battery fires and explosions forced Samsung to kill its most profitable model this month, punctuating its worst corporate crisis to date. Net income fell to 4.41 trillion won ($3.9 billion) in the September quarter as the company dealt with a debacle that may ultimately cost more than $6 billion.