SourceSamsung 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.
Shares of Samsung closed down 6.98 percent at 1,465,000 won.
Myung Sub Song, an analyst at HI Investment & Securities, said that the recall issue could have an impact of around 1 trillion won ($900 million) to Samsung's third-quarter operating profit. 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 most important thing is whether the new Note 7 which will be released from now on will have another problem or not. If it has a problem then it will have a bad impact to the Note 7 and also Galaxy S8 which will be released in the first half of next year," Myung Sub Song told CNBC by phone on Monday.
The Galaxy S8 is slated to be Samsung's next flagship device.
"We are expediting replacement devices so that they can be provided through the exchange program as conveniently as possible and in compliance with related regulations. We sincerely thank our customers for their understanding and patience."
Results 1 to 8 of 8
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09-12-2016, 05:28 PM #1The People's Choice
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Samsung Note 7 recall: More than $14 billion wiped off shares as crisis rages on
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09-12-2016, 05:47 PM #2Good college starter
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Re: Samsung Note 7 recall: More than $14 billion wiped off shares as crisis rages on
Samsung. Nice displays, shit phones.
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09-12-2016, 06:04 PM #3The People's Choice
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Re: Samsung Note 7 recall: More than $14 billion wiped off shares as crisis rages on
The note 7 exploded in some kids hands the other day
That's a paycheck!
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09-12-2016, 10:57 PM #4Verticle?
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Re: Samsung Note 7 recall: More than $14 billion wiped off shares as crisis rages on
And they're back up 5% today...
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09-12-2016, 11:34 PM #5Paid shill
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Re: Samsung Note 7 recall: More than $14 billion wiped off shares as crisis rages on
Some guy got ****ing serious 3rd degree burns from his S7 Edge exploding
https://www.classaction.com/news/exp...ree-burns-man/
NSFW. Holy f*ck
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09-13-2016, 03:56 AM #6454 Dumper
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Re: Samsung Note 7 recall: More than $14 billion wiped off shares as crisis rages on
If this happened to iPhones, the haters would be hatin for 20 pages.
Shit cheap ass phones.
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09-13-2016, 04:02 AM #7Verticle?
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Re: Samsung Note 7 recall: More than $14 billion wiped off shares as crisis rages on
Of course. Remember when everyone was "holding their phone wrong" and couldn't get reception on their iPhones? If only everyone just knew there was a particular way to have to hold a phone to make a call.
Originally Posted by Bless Mathews
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09-13-2016, 05:25 AM #8#knickstape
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Re: Samsung Note 7 recall: More than $14 billion wiped off shares as crisis rages on
at least on the bright side , millions of African kids get a free note 7
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