Samsung Delaying Galaxy Note 7 Shipments Amid Reports of Exploding Batteries

Sister company Samsung SDI Co Ltd said that while it was a supplier of Galaxy Note 7 batteries, it had received no information to suggest the batteries were faulty

Almost $7 billion was wiped off smartphone giant Samsung Electronics Co Ltd's market value Thursday after it delayed shipments of its Galaxy Note 7 amid reports of exploding batteries, NBC News reported.

Faults with the new flagship device could be a major blow to the South Korean firm. Samsung was counting on the Galaxy Note 7 to maintain momentum against Apple's new iPhones — which are expected to be unveiled next week.

"This is some major buzz-kill for Samsung, especially given all of the hard-earned excitement that products like the Note 7 have been garnering lately," IDC analyst Bryan Ma said. "The timing of this couldn't have been worse."

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