Samsung Electronics on Friday estimated first-quarter operating profit at 9.9 trillion won ($8.8 billion), a whopping 48.2 percent gain from the year-ago period in its second largest-ever quarterly performance led by a boon in memory chip business.
Over at Samsung headquarters meanwhile, the company reported preliminary operating profit of 9.9 trillion won ($8.7 billion) for the first quarter of 2017, a jump of nearly 50% from a year ago. The demand for the company's memory chip has been good and it is predicted that this division will incur the highest sales figures till date in Q1 2017.
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.
"We are very positive about the new phone".
LG has estimated that its first-quarter operating profit rose 82 percent to its highest in almost eight years.
Past year it had to pull its Galaxy Note 7 smartphones because their batteries were exploding. 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.
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.
In the face of all of this bad press, the public doesn't seem to have changed their mind on Samsung, and consumers remain loyal, share prices actually increased and the company saw a 50% increase in profits over the last 3 months of 2016 as well as the first three of 2017.
The heir apparent of Samsung Group, the country's biggest family-controlled conglomerate, is accused of offering tens of millions of USA dollars in bribes to Choi, who was branded by prosecutors as a criminal accomplice to the impeached president. The S8 was its first major smartphone launch since the fire-prone Galaxy Note 7 fiasco. Lee has previously denied the charges, saying that while Samsung did give money to the foundations, he didn't know Choi controlled them nor did he expect anything in return. (STAND UP) Lee was indicted at the end of February, and by law the district court must rule on the case by the end of May.