Earlier this month, Samsung (NASDAQOTH: SSNLF) finally pulled the plug on its Galaxy Note 7 phone, after failing to fix battery-related problems that caused some phones to spontaneously catch fire. Samsung is now recalling all Galaxy Note 7 phones at great cost to itself. It expects the total cost of discontinuing and recalling the Note 7 to be at least $5.3 billion.
Samsung’s Galaxy Note 7 could have been a big seller. Image source: Samsung.