Samsung forecasts 48% profit surge in Q1 2017

Geronimo Vena
Aprile 21, 2017

The South Korean technology firm Samsung on Friday projected its best quarterly profit in more than three years, beating analyst expectations. Revenue jumped 0.4 percent to 50 trillion won, above the analysts' forecasts.

LG has estimated that its first-quarter operating profit rose 82 percent to its highest in almost eight years.

The global memory-chip leader said first-quarter operating profit was likely 9.9 trillion won (S$12.2 billion), compared with an average forecast of 9.4 trillion won from a Thomson Reuters survey.

A man using his mobile phone walks past an advertisement promoting a Samsung Electronics' Galaxy S8 smartphone at a shop in Seoul, April 6, 2017.

Memory chips and flexible displays accounted for about 68 percent of Samsung's operating profit in the final quarter of 2016.

Running high on confidence, Samsung has set a target of selling at least 18 million units of its recently launched flagship smartphone Galaxy S8 within a period of 3 months of its launch.

Like the rest of the Galaxy C series, the newly launched Samsung Galaxy C7 Pro comes in with an impressive all-metal design that has become characteristic of the South Korean company's midrange phones.

If it proves to be true, this confident prediction by Samsung will see the company trump both its results for the same period previous year, as well as their troubled holiday quarter.

Nevertheless, the latest financial figures show how Samsung has managed to overcome all the obstacles after messing up with one of its flagship products a year ago. 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.

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.

Samsung Electronics Vice Chairman Lee Jae-yong, dressed in the dark, gray suit and handcuffed, appeared in the Seoul Central District Court.

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