The waterproof GalaxyNote7 phone is presented at the IFA (Internationale Funkausstellung) electronics trade fair in Berlin on 31 August 2016. AFP / TOBIAS SCHWARZ
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Samsung Electronics Co. Ltd.'s mobile recovery was under pressure Thursday after it delayed shipments of its premium Galaxy Note 7 smartphone amid reports of exploding batteries, wiping almost $7 billion off its market value.Faults with the new flagship device could deal a major blow to the South Korean giant, which was counting on the Galaxy Note 7 to maintain its strong mobile earnings momentum against Apple Inc.'s new iPhones expected to be unveiled next week.Samsung did not comment on what problem it was trying to address or whether other markets were affected besides South Korea.The mobile division accounted for about 54 percent of Samsung Electronics' January-June operating profit of 14.8 trillion won.
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