Samsung reports record $8.76 bn quarterly operating profit


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.

LG Electronics also said its first-quarter operating profit is estimated at 921.5 billion won.

The combined sales of Samsung Electronics new flagship Galaxy S8 series, which will officially hit the shelves later this month, are expected to surpass the 40-million-unit-mark, industry data showed on Friday.

Some researchers forecast the S8, which sports the largest screens for Samsung high-end smartphones to date, would set a new first-year sales record. That could help it stage a comeback in the wake of a string of controversies.

Targeting millennials who are constantly looking for powerful devices, Samsung India on Friday launched its latest smartphone Galaxy C7 Pro which will be sold exclusively on Amazon India from April 11.

The company has been under a cloud after its vice chairman Lee Jae-yong was arrested in February on charges of bribery, in connection with an investigation into an alleged corruption scandal that led to the ouster of South Korea's former President Park Geun-hye.

While some companies have been struggling financially for quite a bit now, Samsung has been able to hold strong over the last couple of years.

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Samsung's operating profit reached 9.9 trillion won (8.7 billion US dollars) in the first quarter, the second-biggest quarterly profit in the company's history, a regulatory filing showed Friday.

Several other Samsung executives have also appeared in court, all denying any wrongdoing as well.

The jump in operating profits came despite Samsung sales only increasing by 0.44 percent to 50 trillion won on-year.

Samsung Galaxy C7 Pro will be available in two colours - Navy Blue and Gold.

Samsung has experienced numerous recent troubles but it'a still seems to be making serious money. The South Korean tech giant has just published their Q1 financial forecast and they're expecting to see the best profits they've ever had in over 3 years.

"The semi-conductor business was likely the main driver for earnings", said Heungkuk Securities analyst Lee Min-hee, adding that sales of mid-to-low tier smart-phones also helped the mobile business remain profitable.