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		</div><p>Samsung’s third quarter profit has plunged 17% as Galaxy Note 7 recalls nearly wiped out its mobile profit.</p>
<p>On Thursday the tech giant announced that its July-September net income was 4.4 trillion won (£3.19 billion), down from 5.3 trillion won a year earlier.</p>
<p>Shareholders voted to appoint the grandson of Samsung’s founder to its board of directors as it grappled with the failure of its flagship smartphone.</p>
<p>The appointment of the Harvard-educated Lee Jae-yong, 48, chairman Lee Kun-hee’s only son, comes at a crucial time for South Korea’s biggest company.</p>
<p>Samsung, the world’s largest maker of smartphones, memory chips and TVs, reported the sharp fall in its quarterly earnings after the unprecedented recall and discontinuation of the fire-prone Galaxy Note 7 smartphones.</p>
<p>The Note 7, initially launched as Samsung’s weapon to kill the iPhone, was scrapped less than two months after its launch after consumers reported incidents of the devices catching fire.</p>
<p>Replacement Note 7s given for the recalled phones were also found to be overheating.</p>
<p>Samsung said its troubled mobile business generated just 100 billion won (£71.8 million) in operating income during the quarter because it discontinued the Galaxy Note 7 smartphone.</p>
<p>Samsung’s mobile business usually contributes more than half of its overall income.</p>
<p>Sales fell 7% to 47.8 trillion won (£34.4 billion), while operating income slumped 30%, in line with the company’s guidance earlier this month.</p>
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