The South Korean giant smartphone manufacturer Samsung has announced that it is stopping sales and production of the Galaxy Note7 high-end flagship smartphone. The company said “Taking our customer’s safety as our highest priority, we have decided to halt sales and production of the Galaxy Note7.”

"Samsung Galaxy Note7 with S Pen"

It will ask all carriers and retail partners globally to stop sales and exchanges of the Galaxy Note7 while it is investigating the recently reported cases involving battery issues. AT&T, T-Mobile and Verizon already stopped sales of the Note7. Going forward, the company is asking users to power down and stops using the device and take advantage of the remedies available.

Samsung also said users can exchange their current Galaxy Note7 for a Galaxy S7 or Galaxy S7 edge and replacement of any Galaxy Note7 specific accessories with a refund of the price difference between devices; or contact their purchase point to obtain a full refund.

According to two new reports from Bloomberg and Wall Street Journal, Samsung has permanently killed the smartphone less than two months after its launch, and it will be discontinued worldwide.

According to analysts, killing the Galaxy Note7 could cost Samsung up to $17 billion. Since announcing the global recall of the Galaxy Note7, the company has shed over 28 trillion won (more than $26 billion) off its market cap, according to Factse.

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