The Galaxy Note7 has been an absolute disaster for Samsung; although it was an excellent smartphone, its tendency to catch fire pretty much negates all of the praise that was heaped onto it. Case in point: Samsung’s now estimating that the Note7’s recalls and subsequent cancellation will cost them about $3.1 billion over the next two fiscal quarters.

This news comes shortly after Samsung reduced its profit forecast for Q3 of this year by $2.3 billion; back then, a full discontinuation of the Note7 hadn’t been announced, although there already were rumors about it.

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Samsung estimates it’ll lose around $3.1 billion in the next two quarters because of the Galaxy Note7 was written by the awesome team at Android Police.

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