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Note 7 fiasco could burn a $17 billion hole in Samsung accounts

The company announced the recall of 2.5 million Note 7s in early September following numerous reports of the phones catching fire

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Samsung Note 7 Recall

Reuters  |  Seoul 

Samsung Electronics' worst-ever recall could cost the company as much as $17 billion after it halted sales of its flagship Galaxy Note 7 for a second time, spelling an almost certain end for the ill-fated premium model. Samsung announced the recall of 2.5 million Note 7s in early September following numerous reports of the phones catching fire and on Tuesday the crisis deepened: The company told mobile carriers to stop sales or exchange of the $882 device and asked users to shut off their phones while it investigated new reports of fires in replacement Note 7s. As the ...

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First Published: Wed, October 12 2016. 10:23 IST
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