Galaxy Note 7 fiasco likely to cost Samsung Sh1.72 trillion
REUTERS / Samsung Electronics’ worst-ever recall could cost the firm $17 billion (about Sh1.72 trillion), after it halted sales of its flagship Galaxy Note 7 for the second time. The firm announced the recall of 2.5 million Note 7s in early September following numerous reports of the phones catching fire. On Tuesday, the company told mobile carriers to stop sales or exchange of the $882 (about Sh89,328) devices. It also asked users to shut down their phones while it investigates new reports of fires. If Samsung stops the sales, the firm will lose nearly $17 billion it was hoping to make from 19 million phones, during the product cycle, according to analysts.