The US Consumer Product Safety Commission has issued a recall for Samsung’s Galaxy Note 7 smartphone. According to the commission’s report, the device can overheat and potentially catch on fire thus posing a serious risk of burns to their customers.
Samsung issued a statement on Sept. 2 offering to replace consumers’ Note 7 if they felt unsafe using them. The news about the phone’s serious risk of catching on fire first appeared on South Korean social media as users began posting images of their unrecognizably burned phones.
After Samsung ran tests to identify the issue, they found that battery malfunctions are the cause of the burns.
According to Bloomberg, Samsung eventually lost $22 billion in market value over two days.
Samsung’s Note 7 mishap may lead to booming profits for Apple. The iPhone company is already reporting that preorders of its iPhone 7 Plus have sold out on their website. Furthermore, with news that Samsung’s smartphones catch fire, consumers may be more inclined to opt for an iPhone for their big-screen smartphone needs.