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.
Samsung's consolidated sales are expected to be around 50 trillion won (~$44.09 billion), with operating profits at 9.9 trillion won (~$8.73 billion).More news: EPA to reconsider oil and gas industry emissions requirements
Samsung has been facing various challenges since past year, 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. Sales of its new G6 flagship smartphone began in March and will not provide meaningful contributions until the second quarter. As per a report, Analysts claims that Samsung must have generated about $1.8 billion worth of profit in Q1 2017 after incurring a hefty loss of $5.3 billion previous year due to the Galaxy Note 7. Figures were boosted this year due to increasing demand for memory chips and display screens.
Samsung has launched yet another "Pro" device in India, the Samsung Galaxy C7 Pro. The Samsung Galaxy C7 Pro will go up for sale on April 11 for Rs. 27,990. 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.More news: Philip Morris International Profit Advances 4% In Q1
Samsung has been grabbing headlines over the past year for all the wrong reasons. It led to the suspension of President Park Geun-hye for allegedly receiving bribes.
Industry officials said the Galaxy S8 could break the previous preorder record set by the Galaxy Note 7, though the preorder period for the S8 is two days shorter than that of the Note 7.More news: Rex Tillerson: U.S. Is Conducting 'Comprehensive Review' Of Iran Nuclear Deal
Lee's arrest, the first for a Samsung chief even though his father was twice convicted of bribery, sent shockwaves through the company and triggered the announcement of a major reform of its top-down management style.
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