Samsung has officially ceased worldwide production of its Galaxy Note 7 after multiple reports of replacement models, like the original ones, catching fire.

I argued yesterday that the company ‘might as well write-off this year’s flagship phone as a lost cause,’ and there are today multiple reports (The Verge, Bloomberg and the BBC) that it has now done so.

South Korean tech giant Samsung has permanently ceased production of its high-end Galaxy Note 7 smartphones after reports of devices it had deemed safe catching fire.

“We recently readjusted the production volume for thorough investigation and quality control, but putting consumer safety as top priority, we have reached a final decision to halt production of Galaxy Note 7s,” the company said. “For the benefit of consumers’ safety, we stopped sales and exchanges of the Galaxy Note 7 and have consequently decided to stop production.”

The announcement was made in response to growing pressure …

U.S. carriers had pulled the Note 7 from sale, the U.S. safety watchdog endorsed what Samsung initially claimed was a ‘temporary suspension’ of production of replacement models, the FAA repeated its warning that Note 7 devices must remain switched off on board aircraft and Oculus even went as far as disabling support for the handset with its Gear VR headsets. Effectively, the reputation of the Note 7 was trashed beyond repair.

Bloomberg reports that Samsung’s shares had already fallen 8% on news of the suspension in production, and have now fallen a further 9.5% in London trading following the latest announcement.

Samsung had earlier issued a statement calling for carriers and other resellers to cease all sales, and asking owners to stop using the devices.

We are working with relevant regulatory bodies to investigate the recently reported cases involving the Galaxy Note7. Because consumers’ safety remains our top priority, Samsung will ask all carrier and retail partners globally to stop sales and exchanges of the Galaxy Note7 while the investigation is taking place.

We remain committed to working diligently with appropriate regulatory authorities to take all necessary steps to resolve the situation. Consumers with either an original Galaxy Note7 or replacement Galaxy Note7 device should power down and stop using the device and take advantage of the remedies available.

With its biggest smartphone rival on the ropes, Apple’s share price yesterday reached its highest level so far this year, at $116.05, and has already reached $117.40 in pre-market trading.