Tuesday, October 11, 2016

Samsung Officially Kills Production & Sales of Galaxy Note 7

 
Samsung Officially Kills Production & Sales of Galaxy Note 7

Earlier today, Samsung stopped sales and exchanges of Galaxy Note 7. Now, according to two new reports from Bloomberg and Wall Street Journal, Samsung has permanently killed its flagship Galaxy Note 7 smartphone less than two months after its launch.

Samsung has stopped the production and sales of Galaxy Note 7 and it will be discontinued worldwide. The company said in a filing with South Korean regulators that it is permanently scrapping the Note 7. “Taking our customer’s safety as our highest priority, we have decided to halt sales and production of the Galaxy Note 7,” the company said. The move comes immediately after Samsung urged its users to power down the Note 7 devices. Samsung had recalled 2.5 million Note 7 handsets over faulty battery issue earlier this month. AT&T, T-Mobile and Verizon have stopped sales of the Note 7.

According to analysts, killing the Galaxy Note 7 could cost Samsung up to $17 billion. Since announcing the global recall of the Galaxy Note 7, the company has shed over 28 trillion won (more than $26 billion) off its market cap. The phone was officially launched mid-August and received great reviews.
Source : Bloomberg | WSJ