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 to come 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.