Yesterday we reported that Samsung was temporarily halting the production of the Galaxy Note 7. But now it looks like they are upgrading that permanent. According to Bloomberg, Samsung shares fell 8 percent Tuesday, wiping out about $17 billion of market value.
This halt comes at a really bad time for Samsung which was expected to compete with new makes like the iPhone 7 and Google’s Pixel over the next two months leading to the end of the year and into 2017. Even as holidays like Thanksgiving in the US which ushers in Black Friday, Samsung’s Note 7 will definitely not be one that consumers would go out to buy as more telecom companies in the US and Australia have said they won’t be replacing the phone for their users any longer. Christmas is also coming and consumers are expected on new items like phones and again, Samsung’s Note 7 won’t be one of those gadgets not just in the US but the rest of the world.
The market may be left with the iPhone 7, Pixel and LGV20 which all launched recently.
Read our report on how this may affect Samsung in the long term here.