The component shown is for protection of the phone from high voltages and surges. The phone will work fine even without it. But in case the phone's voltage regulator circuit is damaged, you'll have to repair that first.
Hi!!
You just change it anayway...for you to make your phone operate because when there is another surge or the lightning strikes your phone again you will replace it a whole phone..please replace it in thesame value....because when you did not change it it is like a short circuit into the unit when you see a fuse blown or breaker please do not repalce it unless you replace that varistor....because the fuse or the breaker again will be blown or trift off...gigszzz...