Apple, HTC, Huawei, and Lenovo are picking up business where Samsung left it after killing Galaxy Note 7. Bobbi Rebell reports.
Samsung killed its flagship smartphone Galaxy Note 7 less than two months after its launch, dealing a huge blow to its reputation and outlook. That leaves opportunity for rivals, says Max Wolff, chief economist at Manhattan Venture Partners. (SOUNDBITE) MAX WOLFF, CHIEF ECONOMIST, MANHATTAN VENTURE PARTNERS, (ENGLISH) SAYING: "People are moving to the Plus series, the 7 S Plus, the 7 Plus, or the 6 S Plus, and we're gonna 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.