Friday, 28 July, 2017

Samsung expects big jump in Q1 profits

Samsung Electronics says first-quarter operating profit likely rose 48 percent year-on-year Samsung tips huge jump in profit despite corruption scandal
Heather Davidson | 10 April, 2017, 02:32

Samsung Electronics and SK hynix, South Korea's two largest semiconductor manufacturers, are reported to post stronger profits during the first quarter as demands grow worldwide.

The bright first quarter outlook came just hours before Samsung's vice chairman and de facto leader Jay Y. Lee was due in court on Friday, marking his first appearance in a trial where he and four other company executives face charges of bribery, embezzlement, perjury and hiding assets overseas, among others.

In this March 24, 2017 photo, a man walks past near a logo of Samsung Electronics in Seoul, South Korea. Samsung will report fiscal first quarter results on April 26 after the market close. Samsung scrapped its flagship smartphones previous year after they overheated and caught fire, leaving billions of dollars in financial damages and hurting its reputation.

Samsung, in a regulatory filing, said its January-March profit was likely 9.9 trillion won, $8.76 billion dollars, compared with an average forecast of 9.4 trillion won.

The operating profit is the firm's second-highest for a quarter and a rise of 48.2 percent compared to a year earlier. Its sales stayed almost flat at 50 trillion won ($44 billion) during the first quarter. He could spend more than 20 years in jail if convicted on all charges, including one that he pledged 43 billion won in bribes to foundations backed by Park and her confidant, Choi Soon-sil.

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There's no change on the refugee issue, despite the USA attack on Syria. "Cruise missiles alone are not a solution", said Rep. Syrian warplanes have already resumed using the base to launch air strikes on rebel-held areas.

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And because of the elder Ball saying dumb thing after dumb thing, everything Lonzo says is getting viewed with greater scrutiny. Lonzo , in an appearance on ESPN's " The Jump " recently, said he had no problem with it, as LeBron is his favourite player.

All this is happening amid management upheaval at South Korea's biggest family-run conglomerate, with third-generation leader Lee embroiled in a scandal that has already led to Park's removal from office for allegedly receiving bribes. Lee has denied wrongdoing.

Samsung is due to give more details of its financial results later this month.

Analysts said strong demand for mobile chips and displays for smartphones fueled the stellar profit during the typically slow season for smartphones and television sets. ― Reuters picSEOUL, April 7 ― Samsung Electronics Co Ltd forecast today its best quarterly profit in more than three years in the January-March period, beating expectations and putting it on track for record annual earnings on the back of a memory chip super-cycle.

Samsung's latest flagship phone, the Galaxy S8, didn't debut until after the end of the quarter and isn't reflected in the figures. 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.

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