13 October 2016 at 10:31 GMT
Samsung could lose $17 billion in revenue after its Galaxy Note 7 phone axing. Christoffer Moltke-Leth, Saxo Capital Markets’ director of global sales trading, predicts more downside for the firm.
The South Korean electronics company’s stock has dropped 12% during the past three trading sessions after the Galaxy 7 Note was recalled after reports of overheating.
Had things gone to plan, the Samsung handset should have rivalled Apple’s iPhone 7 and Google’s forthcoming Pixel phones, says Moltke-Leth.
South Korea’s finance minister Yoo Il-ho said the scrapping of the model would have a negative impact on exports and Moltke-Leth said he foresees further downside this year for Samsung.