Samsung Electronics Co. officially discontinued its embattled Galaxy Note 7 flagship phone. Thankfully, the South Korean electronics giant decided to put a full stop after a month-long controversy over its defective model. Following a series of incidents where even the replacement Note 7s proved to be a fire risk, Samsung decided to abandon sales and production of the Galaxy Note 7.
Taking the customer’s safety as the highest priority, Samsung issued a press release asking Galaxy Note 7 users worldwide to immediately switch off their handsets (both original and replaced Note 7 units). The company even asked retailers and its career partners across the world to stop sales and exchanges of the flagship phone. Major U.S and Australian carriers already had made their decision on their own.
To date, at least 92 cases had been reported on the internet where Note 7 had issues of overheating, burns, and property damage. This drastic movie is very unusual in the technology industry. Finally, the inevitable has happened. The Samsung has requested the Note 7 users to opt for a refund or alternative Samsung phone.
Samsung Woes Continues - $18 Billion Wiped Off:
The damage may be severe. Samsung shares fell more than 8 percent its biggest intra-day trading drop since 2008. If the reports are to be believed, Samsung has lost $18 billion in terms of market value. A research firm had estimated that Samsung could lose more than $10 billion due to Note 7 global recall. To sum it up, Galaxy Note 7 is a big fall out and financial hit for Samsung.
R.I.P Samsung Galaxy Note 7 (Aug 2016 – Oct 2016)