What was the Galaxy Note 7?
With a 5.7 inch screen, and a curved screen, the Galaxy Note 7 was a premium device that sold for at least $850 in the United States. It received mostly positive reviews from many critics. It was Samsung’s biggest attempt to challenge Apple for the high-end market.
Why are they Discontinuing?
Several complaints from customers were coming in saying that their Note 7 just seemed to of spontaneously exploded and caught fire. As time went on more and more phones started to explode and the Samsung company started to panic and went to diagnose the problem. They eventually concluded that the reason that the Phones were exploding was because of faulty batteries from one of the company’s suppliers.
The Negative Effects of Discontinuing:
- 2.5 million Note 7 phones recalled.
- Samsung lost around $10 billion+
- South Korea’s stock market dropped $17 billion (8%)