Samsung Galaxy Note 7 Discontinued

In case you haven't heard, the new Samsung Galaxy Note 7 smartphone has been permanently discontinued due to ongoing battery fire issues that it has not been able to resolve.  It was rushed to market in order to compete against Apple's newest iphone 7 and 7 Plus.  Samsung announced Monday this week that it is suspending sales of the smartphone after reports that some replacement devices were also spontaneously igniting. On Tuesday, Samsung announced that it is halting production, and a spokesman told NPR's Elise Hu that production will not resume.

"This is the end" of the phone model, Elise says.  The Wallstreet Journal expects the financial hit to Samsung to be estimated between $4-$5 Billion, although the actual damage won't be known til everything settles.

The news comes after Samsung announced last month that it would recall 2.5 million Galaxy Note 7 smartphones amid reports that batteries were overheating and were a safety risk.   Read more here and here on the financial hit.