Samsung To Permanently Discontinue Production and Sales of the Galaxy Note 7

Samsung stated in a filing with South Korean regulators on Tuesday that the company will permanently discontinue production and sales of its Galaxy Note 7 smartphone. The decision was taken after the first product recall didn’t go as planned and replaced devices still carried a battery problem.

The decision was made one day after Samsung temporarily halted sales and production of the Galaxy Note 7, according to the Wall Street Journal.

“Taking our customer’s safety as our highest priority, we have decided to halt sales and production of the Galaxy Note 7,” the company said. 

Samsung shares declined a whopping 8% in a day

Yesterday, Samsung’s shares dropped 8% recording the biggest one-day decline in the past eight years. The drop came after multiple incidents involving replaced Galaxy Note 7 units prompted all major US carriers and r… (read more)

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