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Note 7 Effect: Samsung India 'Appalled' by Incorrect Financial Loss Reports

News18.com

First published: October 15, 2016, 1:28 PM IST | Updated: October 15, 2016
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Note 7 Effect: Samsung India 'Appalled' by Incorrect Financial Loss Reports
Samsung may scrap the Galaxy Note 7 and move on to successor models to limit the financial and reputational damage. (Image: Rockstar Studios/ altered by News18.com)

There have been many reports concerning the financials of Samsung in India. Many reports have suggested in the past that Samsung has made or will make a lot of losses in this financial year in India following the Note 7 fiasco.

The exploding Note 7 has been a PR nightmare for the company. Samsung was hoping that the Note 7 will give a tough competition to the iPhone 7 Plus in India, but sadly the exploding phones meant that the Note 7 never really made a single sale in India.

Also Read: Samsung Offers S7/S7 Edge for Indian Customers Who Pre-Booked the Note7

In a statement from Samsung India, the company says that it is appalled by the incorrect reporting of company’s financials based on reports by various research agencies.

"The reports covered in some news articles quote different revenue loss estimates for Samsung India. These research reports are not based on empirical facts. Such projections by any research agency or analyst, therefore, is incorrect. Samsung has not sold Galaxy Note7 in India. However, we can confirm that contrary to these reports, we are headed for record sales of mobile phones this year. The festive season has started for Samsung on a high and we have strong support and trust of our customers."

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