Wednesday, October 12, 2016

Samsung's Galaxy Note 7 Recall

The Korean electronics giant announced Tuesday that it will halt production of its Galaxy Note 7 smartphone just weeks after U.S. regulators issued a recall of 1 million of the model for risk of catching fire. According to reports, the replacement models were also defective. Samsung's market cap shed about $18 billion following the news. Every Note 7 that Samsung receives back will be scrapped.