Published: Fri, April 21, 2017
Research | By Jo Caldwell

Samsung sees 48% rise in Q1-17 earnings at $8.8 bn


Despite Galaxy Note 7 fiasco and a corruption scandal involving top brass, Samsung Electronics Co on Friday predicted that its first-quarter operating profit for this year advanced 48.2 percent on-year.

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 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.

The global recall of Samsung Galaxy Note 7 actually hammered Samsung with a loss of about $17 billion.

Samsung said the figures are estimates of consolidated earnings based on K-IFRS as Korean disclosure regulations do not allow earnings estimates to be provided as a range.

Samsung's decision to refurbish the phones and recycle as much of the materials as possible from others has been welcomed by environmental groups like Greenpeace.

The latest release of the Galaxy C7 Pro in India is basically what underpins this statement, but the phone is not the first in the Galaxy C series to make it to one of the most promising emerging markets.

Samsung has been grabbing headlines over the past year for all the wrong reasons. An issue that caused Samsung's own Vice Chairman Jay Y. Lee to be arrested and he is now facing charges for bribing their former president Park Geun-hye.

The billionaire, who is accused of paying bribes to get the support of a government pension fund in a controversial 2015 merger of affiliates that tightened his grip, turned up in court today. The S8 is a bezel-less smartphone with Infinity Display.

In fact, on the whole South Korea's stock market has been doing pretty well, with foreign funds pumping in $3bn.

The performance of Samsung's Galaxy S8 premium smartphone, which goes on sale on April 21, will be the key variable for Samsung going forward.

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