Samsung Note 7: More than $14 billion wiped off shares
Quote:
Samsung Electronics shares fell nearly 7 percent to hit their lowest level in two months after the company urged Galaxy Note 7 users to switch off and return their devices following reports batteries in the handsets were catching fire.
Over 16 trillion won ($14.3 billion) was wiped off Samsung's market capitalization amid increased concern from investors over the potential damage that the recall could cause to the world's largest smartphone maker by market share.
Analysts are expecting shipments of the Note 7 to total around 6 million in the third and fourth quarters, down from estimates of around 12-15 million.
The U.S. Federal Aviation Administration (FAA) added to Samsung's woes on Friday when it advised Note 7 users to either not turn on or charge their devices during flights, or put it in checked baggage.
Samsung released the Note 7 in August in a bid to get a headstart on rival Apple's iPhone 7 which was launched last week. But with the iPhone 7 already available for pre-order, there are concerns that some Note 7 users could jump ship to Apple.
I really wish all Android users would switch to the iPhone. Not only could it save their lives but they'd also have a phone that would be supported for years.
If I had a dollar for every person I knew who asked me to fix their Android phone, I'd be able to buy Samsung. Even before they lost all that market value
I really wish all Android users would switch to the iPhone. Not only could it save their lives but they'd also have a phone that would be supported for years.
If I had a dollar for every person I knew who asked me to fix their Android phone, I'd be able to buy Samsung. Even before they lost all that market value
Yeah. I'm from Android and I want to switch to the iPhone as soon as possible although the iPhone 7 is a total mess.
I really wish all Android users would switch to the iPhone. Not only could it save their lives but they'd also have a phone that would be supported for years.
If I had a dollar for every person I knew who asked me to fix their Android phone, I'd be able to buy Samsung. Even before they lost all that market value
Eh nah , i'd rather get another phone that wasn't Samsung like a Sony or whatever. iPhone just has an "upper class" thing about it that annoys me
Dead at people in here pretending that Apple only delivers quality products.
Did y'all forget about the whole bendgate incident or the millions of cracked iPhone screens.
And it's not like there haven't been several reports in the past about iPhones exploding
Samsung is still better, this is just one bad model.
Exactly. The first round of Note 7 having some that explodes like past iPhone have done won't change the fact that Samsung phones have the best screen on the market, one of the best camera and a futuristic design. Oh and better battery life too.
Dead at people in here pretending that Apple only delivers quality products.
Did y'all forget about the whole bendgate incident or the millions of cracked iPhone screens.
And it's not like there haven't been several reports in the past about iPhones exploding
Mistake happened and Samsung asked people to return their phones. Of course they are losing money, but they care about their consumers.
Let's just remember how Apple acted when bending problem happened with iphone 6.
Dead at people in here pretending that Apple only delivers quality products.
Did y'all forget about the whole bendgate incident or the millions of cracked iPhone screens.
And it's not like there haven't been several reports in the past about iPhones exploding
