Samsung offers incentives for customers who return the Galaxy Note 7

Staff attempt to grab the flaming phone with oven gloves

Mobile phone giant Samsung has warned the cost of taking its Galaxy Note7 smartphone off the market will be at least £4.4 billion.

In a statement released on Friday, Samsung Electronics said that its operating profit over the next two quarters will likely take a hit of almost $3 billion, due to the discontinuation of the company's ill-fated Galaxy Note 7 smartphone.

In a statement Samsung Australia said it had made this decision as a precautionary measure following an announcement by Samsung Electronics advising it had stopped production of Galaxy Note7 smartphones.

The CPSC and Samsung are pushing for a 100 percent response rate to the recall, which has proven "a real challenge for Samsung", Elliot Kaye, chairman of the CPSC, said in a statement. However, that was followed by reports that those phones were catching fire too.

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The botched recall is raising questions about Samsung's initial analysis of the Note 7 phone's problems. "Samsung has received 13 reports of burns and 47 reports of property damage associated with Note 7 phones".

Samsung Galaxy Note 7 was on top of the tech news after the smartphone was reported exploding with over 90 cases just in the US.

Samsung is asking consumers to power the phones down and return them for a full refund or exchange them for a different model phone. Customers who have already exchanged their Note7 devices for another Samsung smartphone will receive an additional bill credit up to $75 from select carriers or retail outlets, which will be in addition to $25 bill credits that were issued initially.

The Note 7 debacle has come at an awkward time for South Korea's biggest family-run conglomerate, which is in the middle of a leadership succession and is facing calls for a major restructuring from USA hedge fund Elliott Management.