The South Korean firm decided Tuesday to permanently halt sales and production of the Galaxy Note 7 just hours after telling customers to stop using all versions of the smartphone.
Its stock plummeted 8% in Seoul, wiping about $17 billion off the company's market value.
Analysts say Samsung's (SSNLF) move to ditch the Note 7 entirely would be costly -- it could put a $9.5 billion dent in sales and erase $5 billion in profits, according to one estimate. But the risk of prolonging the agony was worse.
Samsung's latest invention: a fireproof box for Note 7 returns
Samsung Electronics Co Ltd (005930.KS) is sending fireproof boxes and protective gloves to customers returning potentially explosive Galaxy Note 7 phones, sparking a firestorm of humor on social media about the new twist in the recall scandal.
The company has permanently halted production of its Galaxy Note 7 smartphone less than two months after launch following reports that some batteries caught fire. Reports that some replacement models also went up in smoke were an additional blow to Samsung's brand and financial outlook.
"Samsung fireproof boxes? Have they been tested?" wrote Twitter user @powermax_news, a sales and service group that works on products from Samsung rival Apple Inc (AAPL.O).
On or about 5:40 CDT on Oct 11, the generator was modified to strip a trailing "S" if it appears to make the word plural. Inadvertent change forces it to also work on an input word.
Ding bang...
As of today, entered words are allowed to be plural.
Samsung Galaxy Note 7 banned on all U.S. flights due to fire hazard
Samsung Galaxy Note 7 phones will be banned from all airline flights after nearly 100 incidents of the devices overheating and sometimes injuring owners, the Transportation Department announced Friday.
The Federal Aviation Administration previously urged travelers not to turn on the phones, pack them in checked luggage or charge them during a flight. The new ban is effective at noon Saturday, Transportation Secretary Anthony Foxx said.
“We recognize that banning these phones from airlines will inconvenience some passengers, but the safety of all those aboard an aircraft must take priority,” Foxx said. “We are taking this additional step because even one fire incident inflight poses a high risk of severe personal injury and puts many lives at risk.”
Should ban Samsung TV's too. The one's used to hack into the Airport network...
