Samsung to launch Galaxy S8 smartphone in New York City

Samsung Electronics plans to hold a launch event in New York City for its next Galaxy Note smartphone in the second half of August, a person familiar with the matter told Reuters on Tuesday.

The person did not elaborate further on the phone including pricing. A Samsung Electronics spokesman declined to comment.

Samsung is intent on continuing the premium Note series despite the costly collapse of the Galaxy Note 7, which it was forced to scrap roughly two months from launch in October due to fire-prone batteries. The incident, one of the biggest product safety failures in tech history, cost the firm 6.1 trillion won ($5.4bn) in operating profit and hurt its credibility.

The firm disclosed its preliminary findings in January that different battery problems from two suppliers caused the fires, which was corroborated by two other independent probes. The firm implemented several steps including a new set of battery safety checks to avoid repeat incidents, which analysts said is helping it win back consumer trust.

Strong initial response for the Galaxy S8 smartphones that began selling in April indicate the firm is recovering quickly, with some analysts forecasting the device to set Samsung’s internal sales records and push the firm towards what is widely expected to be its best-ever profit for April-June. There have been no battery fire incidents reported for the S8.

Counterpoint Research estimates Samsung regained its spot as the top global smartphone maker in the first quarter after ceding the spot to archrival Apple Inc (AAPL.O) in the previous quarter. Apple is widely expected to unveil its next iPhones by October.