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Samsung to halt Note 7 TV ads until new sales resume: source

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SEOUL: Samsung Electronics Co Ltd has decided to halt television advertisements for the Galaxy Note 7 smartphone in South Korea until the firm can resume new sales of the phone, a person familiar with the matter told Reuters on Tuesday.

According to Reuters, the person said ads already paid for would run until the end of their respective contracts but TV advertisements for the phones should end in South Korea sometime this week.

The person, who was not authorised to speak to media on the matter, declined to be identified. A Samsung spokeswoman declined to comment.

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AFP adds: Samsung Electronics Co Ltd’s shares fell to their lowest level in nearly two months on Monday after the tech giant told customers to switch off and return their new Galaxy Note 7 smartphones due to fire-prone batteries.


 

Read also: Another Galaxy Note 7 explodes in hotel room, causes damage: reports


 

Investors had wiped 15.9 trillion won (10.77 billion pounds) off the South Korean firm’s market capitalisation as of 0303 GMT, as a series of warnings from regulators and airlines around the world raised fears for the future of the flagship device.

“Some said initially the Galaxy Note 7 could be the best smartphone ever, but now it’s possible the phone will go down as the worst ever,” IBK Securities analyst Lee Seung-woo said, predicting weak sales in the fourth quarter.

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Samsung Electronics’ common shares were down 6.3 percent to 1,476,000 won each after touching their lowest level since July 12, and were on track for their biggest daily percentage drop in more than four years. – Agencies

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