Analysts at JPMorgan Chase, the largest bank in the U.S., downgraded their position on Korean equities to underweight because of the Galaxy Note troubles, Jan Loeys, the firm's chief market strategist, noted last week.
This is the first indication that the Samsung Galaxy Note name won't be retired, despite the fact that it's tied to several battery explosions and two recalls. The company replaced numerous phones but reports of the safe units catching on fire also surfaced. Samsung, in addition to offering refunds or exchanges for a Galaxy S7 smartphone, has already offered financial incentives amounting to 100,000 won ($88.39) to affected customers in South Korea. It is going to introduce Galaxy S8 at "MWC 2017", which is held at in Barcelona, Spain at the end of February, just like before and release Galaxy S8 in South Korea and other countries sequentially starting from middle of March.
In a statement, Samsung said customers who trade in their Note 7 phone for either a flat-screen or curved-screen version of the Galaxy S7 can trade up for a Galaxy S8 or Note 8 smartphone launching next year through an upgrade program. The phone received good reviews in the first few days but things haven't gone well since.
The fallout from Samsung's exploding Galaxy Note 7 smartphones could go well beyond Samsung. Although the consumers bought the expensive product worth 1 million won (US$883), they had to waste their money and time to check on their batteries and exchange their phones. This is now available in South Korea but the company might bring the offer to other countries soon.
Samsung Electronics' D'light Shop, which is located in Seocho-dong, that was advertising Galaxy Note 7 before is now advertising Galaxy S7 Edge.
"Currently we do not have any plans to release Galaxy S8 early." said a high-ranking official for Samsung Electronics.
Samsung is looking to regain its customers after the Galaxy Note 7 battery problems and this could be a great way to do that. Let us know in the comments.
Source: Galaxy S8 release delayed! Samsung is focused on Galaxy Note 7 investigation
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