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Investors Demand Answers, New Phone From Samsung After Note 7 Fire Fiasco

Ron Burgundy

By Ron Burgundy,
in Tech News

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Ron Burgundy

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Signage is seen at the Samsung 837 store in the Meatpacking District of Manhattan, New York, U.S.By Se Young Lee SEOUL (Reuters) - Samsung Electronics Co Ltd needs to quickly find the cause of the fires that led to it pulling its Galaxy Note 7 smartphones and get a new model to market, investors said on Wednesday, as shares in the company slipped to a one-month low. Samsung announced the recall of 2.5 million Note 7s in early September following reports of the phones catching fire. Investors and analysts agreed that the damage to Samsung's brand and future earnings would deepen the longer the market was left in the dark about the origin of the fault, with some already predicting lost revenue in the region of $17 billion.




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