It Looks Like Samsung Will Lose $17 Billion to the Exploding Galaxy Note 7 Fiasco

Turn off your Note 7 now.

Turn off your Note 7 now. Twitter

Samsung’s Galaxy Note 7 smartphones were met with praise when first released in August—and then they started exploding. The phone was recalled, fixed and re-released, and then five phones caught fire within a week and the replacements were recalled too. Now as of this morning, it seems the phone is officially dead.

Samsung just announced it’s ended production of the Galaxy Note 7 and has asked all global partners to stop selling it. In a statement, the company also asked anyone with an original or replacement device to power it down immediately.

“Taking our customer’s safety as our highest priority, we have decided to halt sales and production of the Galaxy Note 7,” said Samsung wrote.

When the first recall happened, it was expected the fiasco would cost Samsung around $5 million. Analysts at Credit Suisse are now saying that if Samsung stops selling the Note 7s, that will translate into lost sales of up to 19 million phones, or nearly $17 billion, according to Reuters.

While Samsung’s statement did not specify the sales halt as permanent, chances that the phone will find its way back to shelves looks slim. South Korea’s Hankyoreh newspaper, citing unnamed sources, said Samsung will likely stop Note 7 sales permanently. Samsung did not comment on the report.

It Looks Like Samsung Will Lose $17 Billion to the Exploding Galaxy Note 7 Fiasco