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(Pocket-lint) - After reports of replacement Galaxy Note 7 smartphones also catching fire and exploding, Samsung has called it a day. It has announced that it is ceasing production of the device completely and will no longer sell stock that already exists.

The Wall Street Journal reports that Samsung opted to discontinue the Galaxy Note 7 on Tuesday, 11 October. It also said in a filing to South Korean regulators that it will permanently withdraw the phone from the market.

"Taking our customer’s safety as our highest priority, we have decided to halt sales and production of the Galaxy Note 7," said Samsung.

The on-going issues surrounding the device, which was critically revered by many, including Pocket-lint, on its launch in August have plagued the company. Samsung shares have plummeted in value - by eight per cent in the last day - and it faces a long battle to win back the customer loyalty and respect it has built over more than a decade.

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It is yet to reveal how it will deal with the remaining Note 7 devices still in the market, having replaced many of the original run like-for-like. We might also see an urgency to bring the Samsung Galaxy S8 launch forward from the currently rumoured 26 February 2017 unveiling.

Writing by Rik Henderson.