Samsung Electronic Co Ltd shares have taken a bit of a beating over the last couple of sessions as the market tries to decide the fate of Samsung after a potentially disastrous recall of the exploding Galaxy Note 7.
The Note 7 was being toted as the best smart phone ever, and the hype behind this release was staggering. This could prove to not only tarnish Samsung’s brand, but could kill investor confidence as rivals such as Apple and Huawei are making huge strides with releases of the iPhone 7 and Honor 8 respectively.
So far Samsung has lost over $14 billion in market cap, and some analysts are saying this could be just the beginning.
This is a first of its kind recall for the smartphone manufacturing giant and will prove to be a daunting task as 2.5 million Note 7’s have already been sold and need to be replaced.
The recall could not come at a worse time for Samsung as it has struggled to recapture the dwindling smartphone marketshare from its competitors.
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