It looks like Samsung is really feeling the effect of Galaxy Note 7 recall. Last week, investors are said to have wiped more than $10 billion off Samsung Electronics Co.’s market value on Friday. This was after air-safety regulators singled out the company’s Galaxy Note 7 smartphone as a potential fire hazard, prompting airlines to issue warnings to passengers.
In the United States, Samsung is said to have received 92 reports of batteries overheating, including 26 reports of burns and 55 cases of property damage. The company has formally recalled 1 million Galaxy Note 7 smartphones sold in the country, replacing or refunding owners the flagship phones.
As I had mentioned in the previous article the recall is a costly setback for the Korean powerhouse considering rivals like Apple were also launching new devices into the market.
Last week on Thursday, Samsung announced that the new Galaxy Note 7 devices will be available in most shops in the Unites States not later than September 21.
In total, Samsung has halted sales of some 2.5 million new Galaxy Note 7 smartphones, in what might be the biggest smartphone recall ever. According to Some analysts the recall could cost Samsung nearly $5 billion in lost revenue this year.