Ewoo!! Samsung Reports $5.3 Billion Loss

Samsung Electronics Limited Reports a huge loss after shutting down the note 7 permanently. Samsung once reported before the launch that Samsung Galaxy Note 7 is one of the best mobiles which it ever made. Even after the launch, Samsung shares reached all time high. But after a month, the actual downfall began where the Note 7 caught fire which brought down the Samsung Electronics Limited shares.

Samsung reported that it has lost $5.3 Billion profit with the Note 7 being turned down. The outlook brings to about $5.3 billion the total losses the global smartphone leader has forecast as a result of the overheating issues, after it said on Wednesday it would suffer a $2.3 billion hit to third-quarter profit The actual problems began when the social media was flooded with images of the Note 7 catching fire and exploding. Multiple incidents were reported by Note 7 users which caught the eye of many. Instead of addressing the situation at an early stage, Samsung let things to take their course. Just a month later, the company was forced to recall around 2.5 billion units worldwide. The problems didn’t end there, but continued after even after replacing devices which Samsung called safe caught fire. After Samsung called of the sales of Note 7, it’s shares fell by 8 percent this week. To make up for the lost revenue, Samsung said it would expand sales of gadgets like the Galaxy S7 and S7 edge phones, and make “significant changes” in its quality assurance processes to improve product safety.
Samsung apologized for its mistake and said that customer safety is more important than the devices. With this the Apple Inc. stocks went high and it could stay there in a high position till 2018 as reports said.