Galaxy S8 helps Samsung bounce back from Note 7 fiasco

However, the fund run by billionaire activist Paul Singer also said it believes that there is "room for even more progress", suggesting that the investment firm is still keeping a watchful eye on the embattled South Korea-based multinational electronics company.

Samsung, which is the world's top maker of memory chips, smartphones and televisions, has been going through hard times with its boss, Jay Y. Lee, mired in a political corruption scandal and the financial hit from its fire prone Galaxy Note 7.

Today, Samsung Electronics announced that the company's Board of Directors has planned to cancel the current treasury shares held by the company. Revenue grew two percent to 50.5 trillion won ($45.53 billion).

Operating profit was 9.9 trillion won (8.77 billion US dollars) in the January-March quarter, up 48.27 percent from a year earlier.

Samsung will cancel the shares in two stages so it doesn't affect the financial market much.

With the way things have been going for Samsung, it is safe to say that the company has bounced back from last year's woes brought by their exploding phablet - thanks to the success of their recently-launched flagship smartphone.

In rejecting Elliott's call for a holding company structure, Samsung cited issues including regulatory and legal risks, and said it would not boost investor returns. However these are early reports, and expect the Samsung Galaxy S8 red tint issue to be forgotten over the next few weeks.

January-March operating profit for Asia's most valuable company by market capitalisation was 9.9t won ($F18b), compared with Samsung's earlier guidance of 9.9tw won ($F18b).

This decision also shows that the Korean company plans to enhance sustainable long-term value for shareholders. The smartphone business logged 2.07 trillion won of operating profit, down from 3.89 trillion won recorded in the same period of past year.

The mobile phone division's profit nearly halved between January and March compared to previous year with no new handsets to generate meaningful sales.

Pre-orders for the Galaxy S8 were better than the market had expected, and as long as it stays free of major faults, it's likely to cement Samsung's place as a major challenger to Apple in the smartphone market.

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