Samsung Powers Down Note 7 After Second Round of Battery Fires

Samsung announced today that it is ending production of its Galaxy Note7 smartphones, taking the drastic step of killing off a device that became a major headache for the company.

Consumers with either an original Galaxy Note7 or replacement Galaxy Note7 device should power down and stop using the device and take advantage of the remedies available.

Samsung had already recalled the Note7 once last month after early models exploded and the latest move comes after customers reported that replacement phones were also catching fire.

Today’s move means that Samsung will be without its highest-end smartphone to compete against Apple’s iPhone 7 during the holiday shopping season.

Samsung’s share price fell 8 percent in Seoul Tuesday, wiping out about $17 billion of market value, before the Note7 termination was announced.  Analysts estimated the recall will cost $5 billion in operating profit through 2017.