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Samsung loses US$22B after Note7 safety warnings, Globe to replace units

By Ciara Alarcon - on 13 Sep 2016, 1:35pm

Samsung loses US$22B after Note7 safety warnings, Globe to replace units

Due to widening bans and warning on Note7 smartphones, Samsung lost US$22-billion of market value, also, Globe has announced its specific guidance on the detailed Note7 replacement process.

Since Friday, Samsung’s shares have drop 11-percent, and this is their biggest two-day decline since 2008. Unfortunately, the stock drop suggests that the damage could be worse than the early estimates of US$1-billion for a single product’s recall.

On September 2, Samsung announced the recall after about three dozen of Note7 exploded. The company also told users in South Korea to stop using the device and to return it to its service centers.

With this, Globe Telecom Inc. assured its customers that they will facilitate the replacement of their device as soon as Samsung is able to provide the replacement units.

Customers may also choose to replace their Note7 with another preferred device based on availability.

Samsung Galaxy Note7 devices with new batteries will be available on September 19.

Source: Bloomberg