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Samsung’s Stock Takes A Massive Hit Over Galaxy Note 7 Recall

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Aside from losing a whole lot of trust from its loyal customers, Samsung is starting to feel the repercussions of their current Galaxy Note 7 recall in the stock market.

Read: Samsung announces world-wide recall of Galaxy Note 7

Samsung’s stock took a massive beating in the Korea Exchange, seeing its biggest intraday drop since 2012, dropping at 7.6 percent. Factoring in the 3.9 drop last Friday, Samsung has lost a massive $19 billion dollars on the stock market because of the Galaxy Note 7 battery fiasco.

High-profile cases of phones exploding while being charged and the subsequent barring of the device in use while in flight with many major carriers has not helped matters, despite the recall notice of the Korean company and the calls to have the faulty phones exchanged as soon as possible.

While it’s not a question if the Korean company can recover from this debacle (they’re the #1 mobile brand in the world, after all) the question is how far will Sammy’s stock fall before it corrects itself?

Source

John Nieves

John is a veteran technology and gadget journalist with more than 10 years of experience both in print and online. When not writing about technology, he frequently gets lost in the boonies playing soldier.

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4 Comments

  1. Lesson sa kanila yan na next time wag silang magmadali kakarelease ng flag ship nila para lang maiwasan ang conflict sa release ng iPhone. This shows how incompetent they can be just to catch up with sales.

    Unahin muna nila trust at safety ng consumer nila bago ang kumita ng malaki. Yan ang karma kakamadali.

    Lesson to sa lahat ng company. Trust ang pinakapuhunan ng lahat ng businesses!

  2. Samsung people expects the massive drop in stocks caused by note 7 battery issue. As billions of dollars lost, that is the price thay are willing to pay to gain again their consumers trust. It’s about honor, respect and trust that Samsung cares. Like the japanese, they value these very much over money.

    On the other side, mahal talaga mag presyo ang Samsung.

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