Samsung predicts better-than-expected quarterly profits

Toby Manning
April 20, 2017

Samsung Electronics expects consolidated first quarter sales of approximately 50 trillion Korean won and operating profit of 9.8 to 10 trillion won.

Ousted president Park Geun-Hye was thrown into jail last week after a court ordered her arrest in connection with the sweeping corruption scandal that brought millions of people onto the streets and saw her impeached.

The legal team said the prosecutor's charges against Lee were based on "prejudice and prejudgement" and not backed up by evidence. They argued that the huge sum of corporate money was used for Lee's personal benefit - to secure a business merger and lobby regulators to help strengthen his control over Samsung. Samsung smartphone sales fell in the third quarter of 2016 by 14.2 percent year over year, making it the company's worst performance ever. A ruling is expected by late May.

Profits are expected to have increased by a big 48% and the company says the profit for Q1 2017 was likely $8.8 billion, or 9.9 trillion won.

Earlier in the day, Samsung estimated the January-March period will produce its best quarterly profit in more than three years, beating expectations and putting it on track for record annual earnings on the back of a memory chip super-cycle.

The photos shown here are of a Galaxy Note 7 that turned up in Vietnam, although it's not clear if the device was sold legitimately.

The strong comeback was a result of booming sales of memory chips and flat-panel displays, Samsung said.

The Samsung Galaxy S8 will come with a 5.8inch display screen with a resolution of 1440 x 2960.

Samsung has been facing various challenges since a year ago, including the suspended production of the Galaxy Note 7 phablet and the arrest of the firm's de facto head Lee Jae-young in line with the corruption scandal that led to the ouster of South Korea's president.

A visitor tries out a Samsung Electronics smartphone at its shop in Seoul, South Korea, Friday, April 7, 2017.

Other reports by VgToday

Discuss This Article

FOLLOW OUR NEWSPAPER