Samsung expects record profit in first quarter

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.

Investors and analysts expect Samsung to report its best-ever quarterly profit in April-June, with the Galaxy S8 smartphone hitting the market on April 21 in Samsung's first premium device launch since the Note 7's withdrawal in October. Some researchers believe the smartphone will set a new first-year sales record.

After the Galaxy Note 7 battery explosion fiasco in 2016, which affected the company's revenue, the first quarter of 2017 is very important for Samsung.

Billionaire vice-chairman Lee Jae-yong was arrested in February as part of a corruption scandal that has led to the impeachment of former South Korean President Park Geun-hye.

At an event that's been dubbed the "trial of the century", prosecutors spent an hour laying out the charges against Lee, South Korea's highest profile business leader.

Samsung has denied any wrongdoing and Lee has pleaded not guilty to the charges, with his lawyer contending the prosecution case is "full of contradictions". 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 Galaxy C7 Pro will be available in two colours - Navy Blue and Gold.

In this March 24, 2017 photo, a woman walks past a logo of Samsung Electronics in Seoul, South Korea.

The new smartphones feature high-resolution displays that bend on both sides, innovative technologies such as iris and face recognition scanners, and a smart voice assistant program named Bixby.

Samsung intends to announce its first-quarter net profit and sales by unit when it releases revised earnings later in April.

Samsung Canada confirmed to MobileSyrup that the one-time flagship would not see a valiant return on Canadian soil, noting "Samsung Electronics Canada will not be offering refurbished Galaxy Note7 devices for rent or sale in Canada".

Related:

Comments

Latest news

Blue Jackets' Calvert to face hearing for hit on Kuhnhackl
The Blue Jackets were lucky to get out of the last few minutes of the period without another score from the swarming Penguins. Guentzel played the ricochet off the back boards to the left of the net and beat Bobrovsky from a severe angle.

Pence warns NKorea 'era of strategic patience is over'
Russian Federation maintains close ties to North Korea, with which it shares a border, but isn't an ally to the regime like China. But no one was predicting what might come next. "This is something President Trump is going to deal with in the first year".

Bannon threatened to quit if removed from National Security Council role
In addition to gaining greater control over the NSC, McMaster will have the Homeland Security Council under his authority. Joseph Dunford, and Director of National Intelligence Dan Coats to "regular attendees".

Trump order would target high skilled worker visa program
Earlier this year, Trump said he mandated the use of USA -made steel after learning that the Keystone XL oil pipeline was made with imported steel.

Other news