Samsung sees 48% rise in Q1-17 earnings at $8.8 bn
- Author: Carolyn Briggs Apr 21, 2017,
Apr 21, 2017, 2:46
While Samsung will not provide detailed earnings results until the end of the month, analysts tipped its chip division to earn a record 5.8 trillion won in January-March and propel the firm to its best overall operating profit since the third quarter of 2013.
The company said the operating profit for the first quarter was likely 9.9 trillion won ($8.8 billion USD). But that might not be such a bad sign, considering the Galaxy S7 launched in Q1 previous year and the Galaxy S8 isn't going on sale until later this month - not to mention the fact that Samsung doesn't have a new Galaxy Note on sale right now. Revenue rose 0.4 per cent to 50 trillion won, just ahead of analysts' forecasts. Previously, the smartphone business was the company's main contributor.
Lee, vice chairman of Samsung Electronics Co., appeared at the Seoul Central District Court, along with four other senior company executives, Yonhap News Agency reported.
This means Samsung may have achieved that nearly 50 percent operating profit increase despite its Q4 2016 Galaxy Note flagship being dropped, the Galaxy S7 coming in Q1 last year (just) and the Galaxy S8 coming in Q2 this year, and its boss being recently arrested.
Prosecutors allege 48-year-old Mr Lee used more than £30m in company funds to bribe Ms Park to help ensure a smooth leadership transition at Samsung after his father suffered a heart attack in 2014. "It will give a big boost to Samsung's earnings from the second quarter", analyst from IBK Securities, Lee Seung-woo told the Financial Times.
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.
The verdict is expected to be delivered in late May. 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.