DEARBORN, Mich. (AP) — Costly product recalls and lower sales took a bite out of Ford's first-quarter profit.
Ford Motor Co.'s net income fell 35 percent to $1.6 billion, or 40 cents per share, in the first quarter.
The Dearborn-based automaker had warned investors and analysts to expect weaker results in the January-March period. Ford earned a record pretax profit in the first quarter of 2016.
SAN FRANCISCO (AP) — U.S. safety regulators announced a formal recall of Samsung's Galaxy Note 7 smartphone Thursday after a spate of fires led to injuries and property damage — along with a global marketing headache for the South Korean tech giant.
"Because this product presents such a serious fire hazard, I am urging all consumers ... to take advantage of this recall right away," said Elliot Kaye, chairman of the U.S. Consumer Product Safety Commission.