In a statement filed with the South Korean stock exchange late Tuesday, Samsung said it had made a “final decision” to stop production. The company will no longer make or market the phones, said a person familiar with the decision, who spoke on the condition of anonymity because Samsung did not publicly disclose details.
It was unclear where the Galaxy Note 7’s problem began. But Samsung’s fight to catch up with Apple by cramming increasingly sophisticated features into the device may have been the phone’s undoing. Industry experts are scrutinizing Samsung’s supply chain to see whether the rush to market caused technical problems or led to corners being cut.
The company is facing an immediate, and substantial, financial blow. On Tuesday, even before Samsung had announced it was killing the Galaxy Note 7, its South Korea-traded shares fell more than 8 percent, its biggest daily drop since 2008, knocking $17 billion off the company’s market value. Strategy Analytics, a research firm, had earlier estimated that Samsung could lose more than $10 billion from the phone’s troubles. Samsung’s smartphone business also helps its other divisions by buying their computer chips and panel screens.
Horror. It was such a good phone...
Note line is tarnished. I wonder what they'll do next
I used to have Note 4, but switched back to iPhone
Apple always wins
