Samsung Electronics expects its Galaxy Note 7 snafu to cost the company nearly $3 billion in the ongoing and upcoming quarters. This figure brings the total cost of the recall to about $5.3 billion.

The company downgraded its profit outlook for the third quarter to account for the recall costs. The Korean tech giant also said that it is looking to revamp its quality assurance processes.

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In the wake of continuing instances of its battery malfunctioning, the Galaxy Note 7 has been scrapped by the company. Samsung is also carrying out a global recall of the handsets. As a result, the Korean company now expects its July-September quarter profit to be $4.7 billion, down from its earlier estimates of nearly $7 billion. 

Samsung is now looking to boost the sales of its new models Galaxy S7 and Galaxy S7 Edge. However, it denied that the updated version of these devices are on the card. The company is offering a $100 credit to Galaxy Note 7 owners, if they are looking to buy another Samsung phone. One of the most expensive phones in the market, the Note 7, retailed in the range of $850 and $890.

Samsung has extended the scope of the recall to 1.9 million handsets, including the 1 million handsets it had recalled in September. The company has also announced that it is halting the production, sales, and exchange of the phone. Samsung is also offering a specially-built "recovery box" for the customers who want to ship devices back to the company.