- Title: Galaxy Note 7 fail opens door for rivals - analyst
- Date: 11th October 2016
- Summary: NEW YORK, NEW YORK (SEPTEMBER 16, 2016) (REUTERS) VARIOUS OF IPHONE 7 AT APPLE STORE
- Embargoed: 26th October 2016 20:07
- Keywords: Samsung Electronics Galaxy Note 7 Apple iPhone Max Wolff Manhattan Venture Partners rebranding Apple HTC Huawei Lenovo
- Location: NEW YORK, NEW YORK, UNITED STATES AND SEOUL, SOUTH KOREA AND PARIS, FRANCE
- City: NEW YORK, NEW YORK, UNITED STATES AND SEOUL, SOUTH KOREA AND PARIS, FRANCE
- Country: USA
- Topics: Company News Markets,Economic Events
- Reuters ID: LVA00253KALON
- Aspect Ratio: 16:9
- Story Text: Samsung killed its flagship smartphone Galaxy Note 7 on Tuesday (October 11) less than two months after its launch, dealing a huge blow to its reputation and outlook.
That leaves opportunity for rivals, said Max Wolff, chief economist at Manhattan Venture Partners.
"People are moving to the Plus series, the 7 S Plus, the 7 Plus, or the 6 S Plus," says Wolff, "And we're going to see HTC, and Huawei, and Lenovo pick up business. What it really means, people will fill this void, and it will hurt one of the most unique product areas for Samsung, which they invented, so we're gonna see lots of business move, and the question is, does it come back ever, and how quickly?"
As for Samsung, Wolff expects a rebrand when they do come back with a new offering.
The damage for investors has been dramatic. Nearly $20 billion of Samsung Electronics' market value was wiped out on Tuesday as shares posted their biggest daily percentage decline since 2008.
- Copyright Holder: FILE REUTERS (CAN SELL)
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