Samsung to Permanently Discontinue Galaxy Note 7 Smartphone - Move halts production and sale of defective premium phone; investors digest possibility smartphone giant could abandon Galaxy Note series
Images above: screen shots of stock quotes. Screen shot from CNET article
Updated: Screen shots from Daily Mail articles:
Update w more: Samsung Galaxy Note 7 flames out: Experts react
To fight this image, Samsung has announced a permanent stop to the production of the Note 7, following a temporary stop earlier. This gives it room to redesign a brand new product.
But this will only add to Samsung's woes. It will be viewed as panic in the boardroom.
A full recall of existing Notes as well as those yet unsold will be an environmental nightmare besides being economically challenging to the entire supply chain - despite the fact that the vast majority of these phones would have remained in full working order for their working lives.
No, like Volkswagen and its diesel emissions scandal, Samsung should have stuck it out with the Note 7 until the Note 8 became available.
It still has to identify and publicise what caused the phones to overheat if it is to recover its reputation.
And it could have offered free stress tests and compensation vouchers to Note 7 owners, and have convinced the airlines the vetted handsets were safe.
The engineers could have handled the technology problem - panicking was not the solution.