Samsung lost $5.1b to global recall of Galaxy Note 7
…to reveal cause of the Smartphone
Samsung Group, a multinational conglomerate company which is into manufacturing of phones and appliances has lost about $5.1 billion following its global recall programme for its Samsung Galaxy Note 7 Smartphone that caught fire since October last year.
Samsung said that the recall has been a worst hit on the company’s operating profit margin since some of the Samsung Galaxy Note 7 Smartphones developed faults.
However, the firm noted that it is ready to reveal to customers, investors and analysts the actual cause why some of its Samsung Galaxy Note 7 Smartphones caught fire this month, January 2017.
It noted that this will be done after a thorough examination of all aspects of the Smartphone to find what caused some to catch fire, adding that it would help to rebuild consumers’ trust on its brand.
“We have handed over the phones that caught fire to KTL and will cooperate with their investigation, but we can’t just sit and wait for its result. We have been mobilizing all possible resources to find the exact cause of the problem as soon as possible” Samsung said.
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