Samsung Electronics posts double-digit growth in Q1 operating profit


Tech giant Samsung Electronics estimated on Friday (April 7) its first-quarter operating profit rose 48 per cent from a year earlier, beating expectations on strong sales of memory chips and displays.

Preemptive aggressive investment and release of unmatchable innovative cost-effective chips at a time of tight supply and explosive demand in memory to power smart devices, high-performance phones and PCs has brought bigger earnings than expected for the world's top chipmaker Samsung Electronics.

Although Samsung was left reeling by the Galaxy Note 7's exploding battery fiasco previous year, the company's mobile division contributed around 2 trillion won ($1.76 billion), thanks to strong sales of its Galaxy S7 series.

Though LG did not elaborate on its forecasts, analysts say LG's mobile business likely turned an operating loss for the eighth-straight quarter.

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Its January-March operating income will be 9.9 trillion won ($8.8 billion), compared with 6.7 trillion won a year earlier, the South Korean company said in its earnings preview.

M - The acting head of Samsung Group has gone on trial in South Korea for his alleged role in a corruption scandal that led to the ousting of the president, reports BBC. Lee has denied wrongdoing. Prosecutors said notebooks from An Chong-bum, a former chief secretary for economic affairs and policy coordination, back claims Lee ordered money funneled to a friend of Park to secure government backing for a pivotal 2015 merger. It accounts for 37.1 percent of the global NAND flash market as of the fourth quarter 2016.

Although its IT and mobile business is presumed to have posted lackluster earnings on the suspension of the ill-fated Galaxy Note 7, industry watchers said the Galaxy S8 and the Galaxy S8 Plus, which will hit shelves this month, will help the company recoup earnings down the road. Last week, it presented and began taking preorders for its Galaxy S8, its first major smartphone launch since the fire-prone Galaxy Note 7 fiasco.

The figure was nearly near to the company's biggest-ever operating profit of 10.16 trillion won tallied in the third quarter of 2013.