Samsung has stopped the production and sales of Galaxy Note7 and it will be discontinued worldwide. The company said in a filing with South Korean regulators that it is permanently scrapping the Note7. “Taking our customer’s safety as our highest priority, we have decided to halt sales and production of the Galaxy Note 7,” the company said. The move comes immediately after Samsung urged its users to power down the Note7 devices. Samsung had recalled 2.5 million Note7 handsets over faulty battery issue earlier this month. AT&T, T-Mobile and Verizon have stopped sales of the Note7.
According to analysts, killing the Galaxy Note7 could cost Samsung up to $17 billion. Since announcing the global recall of the Galaxy Note7, the company has shed over 28 trillion won (more than $26 billion) off its market cap, according to Factse. The phone was officially launched mid-August and received great reviews.