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Samsung Is Going To Lose A Lot Of Money After Discontinuing The Galaxy Note 7

Samsung Is Going To Lose A Lot Of Money After Discontinuing The Galaxy Note 7

That's one way for the company to burn a hole in its wallet.

Hamish Kilburn

Hamish Kilburn

Like many remains of the exploded Galaxy Note 7s, Samsung's reputation has taken a battering. It has announced that it will no longer make the Galaxy Note 7, which is expected to lose the company billions. $17 billion (£14 billion), to be precise.

Furthermore, $18 billion (£15 billion) in shares has already been wiped off the company's value.

Meanwhile, Apple is having a laugh.

In early September, following a number of reports of devices catching fire, the company recalled 2.5 million new Galaxy Note 7s worldwide. Replacements were issued and the small screw-up was sorted. Or not.

Just yesterday, we reported that the same phone manufacturer told its customers to switch off all devices (replacements and everything) immediately. They were still spontaneously exploding.

The most serious case that has been reported is now being investigated by the Consumer Product Safety Commission. This case happened on October 5, when a domestic flight from Louisville to Baltimore had to be evacuated after a replacement phone started smoking after it had been powered down. The device got so hot that it started melting through the carpet of the inside of the plane, reports The Telegraph.

Now Samsung has said that it has dropped the device from its production line for the sake of consumer safety. It will be interesting to say the least to see how Samsung will recover from this one.

Featured image credit: PA

Featured Image Credit:

Topics: Samsung