Samsung's pain is Apple's gain as shares soar following exploding Note 7 disaster

Samsung's tech rivals have already begun to feast from the carcass of the exploding Note 7 debacle as Apple posted its highest share price in almost a year.

In the wake of the painfully drawn-out Note 7 battery issue which started when consumers began complaining of their handsets going up in smoke, which then lead to a mass recall and replacement operation, only to see those replacement units also suffer from the exploding issue, Apple's share price has risen by 2.3%.

This rise is the highest since December 2015, up $2.66 and ending at $116.72 as of Monday 10 October, no doubt putting a schadenfreude smile on the face of the Apple board.

Despite Apple seeing its first revenue wobble in 13 years in early 2016 and analysts predicting a continuing decline of iPhone sales throughout 2016 the unfortunate demise of its fierce rival's flagship phablet has seen it profit from the fail.

The Note 7 was launched just weeks before Apple unveiled its new iPhone 7 and 7 Plus (with the latter being a direct competitor) and received rave reviews, including a thumbs up from us at IBTimes UK. Millions of pre-orders were taken following its unveiling as Samsung, it seemed, was nudging Apple from its perch, but the wind was swiftly taken from Samsung's sails when reports of exploding handsets came flooding in.

Despite trying to stamp out the issue, the company has officially decided to discontinue the product, leaving Samsung with an estimated $17bn bill. With customers no longer being able to purchase or replace the Note 7 it will leave consumers shopping around for an alternative, making the iPhone 7 Plus a very appealing option. According to one analyst quoted by MarketWatch "Apple could potentially sell an additional 15 million units during the September quarter" as fallout from killing off the Note 7 continues.