Samsung tips best quarterly profit in over three years

A woman walks by a Samsung Electronics TV at a Samsung shop in Seoul on April 7

That would be its biggest Q1 profit ever, coming close to its overall profit record set in Q3 2013 and representing a almost 50 per cent increase on the same period a year ago when Samsung made 6.68 trillion won.

Samsung shares touched a record high of 2.134 million won in late March on expectations of record earnings in 2017, as limited production capacity for the memory chip industry and growing demand for more firepower from devices such as smartphones and servers push up margins.

Analysts are expecting Samsung's best-ever quarterly profit in the April-June period when the Galaxy S8 and S8 Plus launch.

Lee Jae-Yong, the vice-chairman of Samsung Electronics, was brought into the Seoul Central District Court bound and handcuffed.

Samsung Electronics has reported a 48% jump in profits during the first three months of 2017, despite challenges around the failure of its Galaxy Note 7 handset previous year. Experts estimate Samsung to have earned more than 6 trillion won from chip business in the first quarter, beating 4.95 trillion won profit in the fourth quarter.

The Samsung Galaxy S8 was launched last month in NY and London.

The report also states that Samsung also assigned build numbers for the refurbished Galaxy Note 7 models, respectively N935LKLU2AQD2/ N935LLUC2AQD2/ N935LKLU2AQD2.

We'll never know whether the OG Note 7 would have been updated to Nougat by now (a lot of Galaxy S7 owners are still waiting), mainly because Samsung was forced to recalled every single one of the handsets it sold. A few months later, its de facto heir and several top executives were charged with crimes linked to a political scandal that toppled the country's president.

He was arrested and indicted in February on charges of giving or promising 43.3 billion won ($38.3 million) to Park's close friend Choi Soon-sil as kickbacks in return for helping him secure group control through a merger of two key units. He and Samsung have denied wrongdoing.

The court is expected to deliver a verdict by the end of May.

Related:

Comments


Other news