Samsung has confirmed that it is stopping shipments of its Galaxy Note 7 smartphones due to faulty batteries.
In light of reports of exploding phones, the South Korean tech giant has announced that it will investigate the batteries and cease shipment for the forseeable future.
This surprising news has put a $7 billion dent in the company's market value.
It currently seems that retailers and resellers in South Korea have mostly been affected, with an array of images appearing on social media showing exploded phones.
It is not clear if UK resellers and retailers will be effected by the faulty smartphone devices or if the devices have even arrived onto the UK market.
PCR reached out to Samsung for a statement and was told: “Samsung are investigating the matter.”
As the story develops it will become clearer as to which shipments have been effected and whether or not Samsung will be prepared to recall the smartphones or continue to delay future shipments.
"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.