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Samsung Galaxy Note 7: What went wrong?

Shares in Samsung fell further on Wednesday after the

smartphone maker said it would scrap production of its
flagship Note 7 model.
Shares fell 3% at the open, adding to Tuesday's 8% fall.
The company has seen more than $20bn wiped off its market value
in two days.

Share

The Note 7 was recalled over exploding batteries in September but

as new phones showed the same problems, the South Korean firm
has now scrapped the device entirely.
The drop in shares marks a one-month low for Samsung as
concerns grew that the current crisis will go beyond the costs of the
recall and affect the brand's overall reputation.
Analysts are suggesting the Note 7 crisis could cost Samsung in
the long run, particularly coming just as rivals, including Google and
Apple, have announced new high-end smartphones.
The Note 7 had been seen as the main rival to Apple's new iPhone 7
model. Samsung's woes have sent Apple's shares to a 10-month
high.
Samsung scraps Note 7 production
Samsung: More than a smartphone fire row
Samsung Note 7 flames out: Experts react
Timeline: Samsung's Note 7 woes
Cellan-Jones: Samsung's burning issue

AFP

In September, Samsung recalled around 2.5 million phones after

complaints of exploding batteries.
It later insisted that all replaced devices were safe. However, that

was followed by reports that those phones were catching fire too.
But on Tuesday, the company said it would permanently cease
production of the device and urged owners to turn it off.

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Samsung Galaxy Note 7: What went wrong?

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