Reuters reports that Samsung Electronics is likely to halt all sales and production of it’s problematic Galaxy Note 7. The report first appeared on South Korea’s Hankyoreh newspaper reported on Tuesday (Oct 11) citing unnamed sources.
The saga started when there were cases of the Note7 catching fire. Samsung recalled the units and exchanged them. Nevertheless, the new phones also experience similar issues. Samsung told mobile carriers to stop sales or exchange of the US$882 device and asked users to shut off their phones while it investigated new reports of fires in replacement Note 7s.
The lost sales could cost the company as much as US$17 billion (S$23.45 billion), said analysts. It would also costs it’s reputation. Share price of Samsung Electronics is down by 7.5% at 1,554,000.00KRW down126,000.00 (7.50%)