Samsung finally terminated production and sales of the recently launched but highly controversial Samsung Galaxy Note 7. The outright competitor of Apple scrapped Samsung Galaxy Note 7 after receiving numerous explosion complaints.
In a report by The Wall Street Journal, Samsung Galaxy Note 7 will be permanently discontinued after tainting Samsung's reputable legacy. The Samsung company instated in their press release that their utmost priority is the safety of the consumers.
About $18 million has been reported to be swiped away from Samsung's market value following the string of explosion incidents. Shares of the South Korean tech giant even plummeted by 8 percent, and this Samsung Galaxy Note 7 crisis made the figure so far the biggest in the last eight years.
As for Samsung's revenue, South Korean analyst, Daniel Kim, estimates that about $18 million can be lost in the next three months due to the issue. The amount translates to what could have been the company's operating profits for one quarter.
The tech giant has not yet figured out what seemed to be the problem with Samsung Galaxy Note 7. On Sunday, BGR reports that Samsung Galaxy Note 7 had cause at least six fires so far.
Upgrade your security in a blink. The #IrisScanner is a new biometric authentication tool on the #GalaxyNote7.https://t.co/FBFRBQ3M4P
— Samsung Mobile (@SamsungMobile) August 29, 2016
Moreover, of the 2.5 million Samsung Galaxy Note 7 release in the affected countries, around 100 case of overheating batteries were reported. That is one in every 25,000.
Despite the infamous Samsung Galaxy Note 7 crisis, ABC reports that this setback will not really cause permanent damage to Samsung Electronics. Further, the report says that Samsung's long-standing remarkable reputation could be affected on whether or not the company can get back to their feet.
While users in United States, United Kingdom and other countries directly affected will less likely buy a Samsung Galaxy Note 7, they can always choose among Samsung's wide array of models. To keep things short, Samsung Galaxy Note might have died but not Samsung per se.
Would you still consider buying a Samsung product amid the explosion scare? Share us your comments below!
