After multiple reports of the device exploding and catching fire, Samsung has announced that it will permanently discontinue its Galaxy Note 7 smartphone.
“For the benefit of consumers’ safety, we have stopped sales and exchanges of the Galaxy Note 7 and have consequently decided to stop production,” The South Korean tech giant said in a statement.
In September, after many reports of the device exploding in the United States and abroad, Samsung recalled 2.5 million phones and started selling a new, updated model executives insisted was safe. However, there have been at least five reports in the US of replacement phones catching fire aswell.
Shares of SAMSUNG closed over 8 percent lower on Tuesday after the company asked its global partners to stop sales and exchanges of its exploding Galaxy Note 7. Samsung announced the shuttering of Note 7 productions after the close in South Korea.
The company’s shares closed at 1,545,000 won with around $18 billion being wiped off the value of the company, according to Thomson Reuters data.
It’s recommended that, if you have a Note 7, you turn off the device and return it to the carrier or store where you purchased it. Owners are expected to be able to return the phones for a full refund or an exchange for a different Samsung phone.
More details are available on Samsung’s website.