Samsung profits up 48% despite Note 7 fire troubles
- Author: Carolyn Briggs Apr 09, 2017,
Apr 09, 2017, 21:46
The company is expecting to report an operating profit of €8.3bn - that's 48% higher than the same period past year.
That would be its best quarterly profit in nearly four years and shows a recovery from the Galaxy Note 7 fiasco.
The South Korean OEM also expects to maximize its Q1 2016 sales from 49.78 trillion won, (approximately $44 billion) in 2016, to 50 trillion won (approximately $44.2 billion) in Q1 2017.
Samsung has denied any wrongdoing and Lee Jae-yong has pleaded not guilty to the charges, with his lawyer contending the prosecution case is "full of contradictions".
The date seen on the phone's lock screen indicates that the pictures were taken Friday, April 7th, and the specs state that it's running a build of Android 7.0 from February 2017 - well after Samsung issued a global recall of the Note 7.
Sales of OLED display panels for mobile devices will also remain strong, keeping Samsung's bottom line solid, they said.
Samsung's earnings are believed to have been led by robust demand for semiconductors, especially used for new smartphones manufactured by rival companies.
Samsung's plans to refurbish the Galaxy Note 7 for emerging markets will seemingly come with a major advantage over the original model... beyond the whole not catching fire thing. Lee is accused of funneling more than 38 million dollars to entities controlled by former President Park Geun-hye's confidante Choi Soon-sil in exchange for support for a 2015 merger of two Samsung affiliates that was deemed critical to cementing Lee's succession to the top of Samsung Group.
Lee sought Park's help in maximizing his control of the Samsung companies at the lowest possible cost, he added.
Nevertheless, the latest financial figures show how Samsung has managed to overcome all the obstacles after messing up with one of its flagship products past year.
"In the second quarter, Samsung's operating profit is expected to hit an all-time-high of 12 trillion won", he said. In India, the Galaxy C7 Pro will go on sale this Tuesday, 11th April as an Amazon exclusive device.