Note 7 saga wipes out $17 billion from Samsung's market cap


Samsung just issued in Korea today the same statement that it did for the US yesterday - that it is halting all Note 7 sales and replacements until the relevant consumer safety bodies in the US, Korea and Taiwan have finished their investigation into the replacement units catching fire. Asked if/when will sales (and possibly production) resume, a Samsung spokeswoman replied that there is nothing decided yet on future plans about the Note 7 production.

Meanwhile, the statement that Samsung posted today in Korea, wiped out more than $17 billion of market cap from the company's stock, which was down more than 8% when the stock exchange closed. Ouch. Of course, market cap is not like solid revenue or profit figures, but this virtual sum is pretty large even for a conglomerate like Samsung. The company should be thankful that the battery fiasco isn't happening with its bread-and-butter Galaxy S line, but rather with the niche Note market, as the repercussions then would have been even more disastrous.

source: Bloomberg

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Galaxy Note 7
  • Display 5.7" 1440 x 2560 pixels
  • Camera 12 MP / 5 MP front
  • Processor Qualcomm Snapdragon 820, Quad-core, 2150 MHz
  • Storage 64 GB + microSDXC
  • Battery 3500 mAh

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56 Comments

1. NoToFanboys

Posts: 3231; Member since: Oct 03, 2015

RIP Note 7. Don't know how Samsung will get back from this. Meanwhile Mxy, Unordinary, and Kumar celebrates joyfully.

7. khankirputsmurf

Posts: 61; Member since: Mar 15, 2015

Get a life idiot. Your username is "NoToFanboys" yet you are so obsessed with the Fanboys. Hypocrite.

12. NoToFanboys

Posts: 3231; Member since: Oct 03, 2015

Spoken like a true 12 year old keyboard warrior, well done [claps] Waiting for your main and backup accounts...

15. iC-118

Posts: 260; Member since: Sep 29, 2016

You didn't answer his post. Totally irrelevant reply.

17. khankirputsmurf

Posts: 61; Member since: Mar 15, 2015

That's the defense system of an idiot. Replying irrelevant and inconsistent comment when they got busted.

26. NoToFanboys

Posts: 3231; Member since: Oct 03, 2015

What's there to answer? You can't answer to a kid's stupid post, you'll know better if you're a true adult.

16. khankirputsmurf

Posts: 61; Member since: Mar 15, 2015

Get a life stupid. Your hypocrisy and idiotic nature is apparent from your comments.

28. NoToFanboys

Posts: 3231; Member since: Oct 03, 2015

Awww poor little kid is angry :(

19. truthwins unregistered

Well that same applies to you

38. Switch00

Posts: 536; Member since: Sep 04, 2013

if samsung only stuck to replacable batteries instead of copying every apple step. a shame.

47. YOURDADkid unregistered

Your reply is not relevant to the article. You idiots are just here to SCROLL DOWN and Start reading comments before reading the article and you are here just to Troll.

8. iC-118

Posts: 260; Member since: Sep 29, 2016

3 dumbass bldy fools.lol.

27. darkkjedii

Posts: 30960; Member since: Feb 05, 2011

LMAOOOOO

29. NoToFanboys

Posts: 3231; Member since: Oct 03, 2015

Their alternate accounts are already providing some entertainment for me above, how nice of them :)

34. Dr.Phil

Posts: 2340; Member since: Feb 14, 2011

To be quite frank, this may be a wonderful thing for Samsung fans and those who may have looked at Samsung in the past. The reason? After an incident like this, manufacturers normally go back to the drawing board and come up with something amazing to try to convince consumers to give them another chance. This means Samsung is going to really look to compete and be ahead of the competition. They can not afford to be just equal with the competition anymore if they want customers to look in their direction again.

39. ebilcake

Posts: 1227; Member since: Jul 16, 2016

Agreed, for customers (excluding Note 7 owners obviously) this could be a great thing. :-)

44. sissy246

Posts: 7065; Member since: Mar 04, 2015

Agree 100% They are also a huge company and all though this will hurt bad they will come back stronger. It may not be next year but they will come back from this.

45. TechieXP1969

Posts: 14967; Member since: Sep 25, 2013

Get back from what? They make 50 phones models. They had an issue with one model. What are they needing to bounce back from. Typically only smart people who want or need advanced features of the Note But it. It was said that the Galaxy S is 3 times the sells of the Note. So the Note sells somewhere between 20-30M devices each year. This lose is based on assuming they would sell 20M device at a cost of $850 each. So yes its a lot of money they aren't going to get. Except they will. If the battery isn't the issue, then SDI may be off the hook. But this lose is small, considering if millions of people were to get injured. No matter what anyone else does. I'm keeping mine. I could care less if it gets updated. I only keep devices for a year. I'm taking my own precautions. I don't charge it over night. I don't use wireless charging and I rarely carry in my pocket. I only use it for work, but I don't really use it for calls. My work phone was the Exynos variant, but I've already returned it. But I'm keeping one of the 2 SD variants.

51. perry1234

Posts: 643; Member since: Aug 14, 2012

Bad decision. You have a chance to go with the S7 Edge till Samsung is offering a replacement. You will still have money left. Perhaps you could also go for Note5 if you like S-Pen and save a ton of money. Except the S-Pen there is really no difference between the Note7 and S7 edge.

52. Xperia14

Posts: 1207; Member since: Sep 01, 2015

It doesn't only explode while charging if you haven't noticed it by now. I hope you don't endagner other people's lives with this dangerous phone.

53. Rafishant

Posts: 395; Member since: Oct 13, 2015

Well. What about "Reputation Mass Destruction"?? How many millions of customers did Samsung lose and will lose?

2. truthwins unregistered

17 billion dollars kaboom!

3. acruzlu unregistered

Not surprised you're celebrating. What's wrong with you if you're celebrating a $17 billion lost?

5. khankirputsmurf

Posts: 61; Member since: Mar 15, 2015

So trojan_horse created yet another account huh? LOL, dude get a life. Samsung is just a another company no need to associate yourself one with a company unless you are a shareholder or an employee.

13. acruzlu unregistered

Nope. Not an account of trojan's. I have a life. Maybe you need a life. Typed from my note 7. xD

20. truthwins unregistered

Ony a fool will keep his faulty ,explosive ,easily prone to scratch, extremely laggy note 7 which has now zero resale value lol

25. khankirputsmurf

Posts: 61; Member since: Mar 15, 2015

Add that fool also has no life and keep opening accounts after account to defend samsung. You get trojan horse aka acruzlu. LUL.

30. acruzlu unregistered

Again what proof do you have about that I'm apparently trojan_horse?

46. TechieXP1969

Posts: 14967; Member since: Sep 25, 2013

So if he wants to be a fool, why do you care. It's his choice. I assume you can talk because you've never made a foolish choice? Here I can list foolish choices I know you make: You use your phone while driving. That makes you equally a fool as trying to call someone a fool. I'm keeping mine too. If that makes me a fool to you, then hey go for it. I won't be losing any sleep over how you feel. I don't have feeling about subjective words.

56. Bernoulli

Posts: 4359; Member since: Sep 01, 2012

THANK YOU! THIS IS HOW YOU SHOULD POST! PLEASE, FROM NOW ON, KEEP COMMENTS THIS SHORT, I FOR ONCE HAVE READ YOUR ENTIRE COMMENT WITHOUT BOTHERING!

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