Samsung's Note 7 crisis wiping out billions in profits

Samsung's decision to cease production and sales of its fire-prone Galaxy Note 7 is severely damaging the company's profits.

The company cut billions of dollars off its sales and net income estimates for the three months ended Sept. 30.

Profit estimates were slashed by $2.3 billion to $4.6 billion, and sales estimates were cut by $1.8 billion to $41.9 billion. Analysts say the loss of profits could become worse. The company is scheduled to release its third-quarter earnings report on Oct. 27.

Read more from CNNMoney.