Samsung Elec's Q1 OP near $9 bn on strong chip sales

LG Electronics Inc. said Friday its first-quarter operating profit is estimated at 922 billion won ($812.3 million), a market forecast-beating figure, apparently helped by robust sales of premium electronics coupled with reduced losses from the smartphone business.

The merger between Samsung C&T and Cheil Industries was extremely important to the Samsung heir apparent to inherit management control from his ailing father Chairman Lee Kun-hee who has been hospitalized for nearly three years. This estimate is quite a rise from 6.68 trillion won (roughly $5.9 billion) overall operating profit Samsung reported in Q1 2016. The refurbished variant of last year's Galaxy Note 7 will carry the model number SM-N935 and it will arrive to a number of markets, but not the US.

Prosecutors believe the 48-year-old billionaire and his aides used Samsung corporate funds to bribe former President Park Geun-hye and her close confidante in exchange for supporting a smooth leadership transition at Samsung.

The good news for Samsung comes even in the wake of the explosive Galaxy Note 7 handsets and a political bribery and corruption scandal which is now on-going in South Korea.

Samsung has denied any wrongdoing and Lee, who was arrested in February, has pleaded not guilty.

With the pre-order for the Samsung Galaxy S8 already underway, one of its highly-anticipated accessories also became available via the same route. Now, the company has launched the second phone in the C series, the Galaxy C7 Pro which is just 7mm slim and has a full metal body design.

That would be its biggest Q1 profit ever, coming close to its overall profit record set in Q3 2013 and representing a almost 50 per cent increase on the same period a year ago when Samsung made 6.68 trillion won.

Now, the company's future earnings rely heavily on the success of its flagship duo Galaxy S8 and Galaxy S8 Plus, which will hit the shelves sometime in April.

Revenue likely rose 0.4 percent from a year earlier to 50 trillion won, Samsung said. The upgraded version of the Galaxy S8 Plus might go on sale outside those two countries as well.

Recommended News

  • No US trading partners designated as currency manipulator

    The two leaders also had a telephonic call on Wednesday, when they discussed the situations in North Korea and Syria. During a meeting earlier this month with Chinese President Xi Jinping, Trump reportedly did not bring up the issue.

    Tesla will unveil electric lorry in September

    Musk was defiant Wednesday, telling his Twitter followers that, "t$3 his investor group should buy Ford stock". According to sources for every Tesla vehicle sold, USA federal taxpayers have to pay US$7,000.

    NHL Predictions: Will the Rangers upset the Canadiens in Game 2? 4/14/17

    If a goaltender puts up a stop sign in the upcoming first-round series, then it would more likely be Price. "It was a good shot". With tonight's win, the pressure completely shifts to Montreal as they look to avoid the 2-0 deficit with Friday's game looming.
  • U.S.  says chemical weapons attack in Syria was 'war crime'

    U.S. says chemical weapons attack in Syria was 'war crime'

    Ambassador Nikki Haley told the council, "We want to work with Russian Federation to advance a political process in Syria". Tillerson reiterated the U.S. position that Assad must eventually relinquish power in Syria .

    How Trump insurance changes could affect coverage next year

    While insurers were happy with the rule , they pressed the administration to guarantee funding for the cost-sharing subsidies. But Republicans are unlikely to want to shut down the government or for Trump to withhold the payments in the first place.

    NBA playoff openers include Harden-Westbrook battle

    All of these campaigns are worthy, but Thomas knows that the Celtics have more things to worry about than winning an MVP trophy. Harden said after that season, the Rockets needed upgrades to the roster and started his offseason training earlier than usual.
  • Belgium probes Mosul air strikes that killed civilians

    Another 43 reports of civilian deaths - 23 from Iraq and 20 from Syria - are being assessed, the coalition said. The TV described Jumaili as Daesh's "second-in-command" and "war minister".
    Russia: 'Too Early Yet' to Know Whether Ties with US Will Improve

    Russia: 'Too Early Yet' to Know Whether Ties with US Will Improve

    Peskov also said Putin had given Tillerson his views on the situation in Syria, and how it was likely to develop. Tillerson met Putin in the Kremlin after talking to his Russian counterpart Lavrov for three hours.

    European Union to expand sanctions on North Korea

    Most of North Korea's missiles use liquid propellant, which usually must be added on the launch pad before the weapon is fired. McMaster told Kim North Korea's nuclear and missile threats are to be discussed during the summit, according to the report.
  • Cyclone Cook to affect most of NZ, landfall likely Thursday

    Cyclone Cook to affect most of NZ, landfall likely Thursday

    Hundreds of homes in Bay of Plenty were without power, with more than 800 properties in Tauranga affected and 170 more in Waihi. The South Pacific island's met service has warned people to "batten down the hatches" with Cyclone Cook set to hit on Thursday.

    Carrie Fisher Won't Appear in 'Star Wars: Episode IX,' Lucasfilm Says

    When the people in the actual movies are commenting on the state of your games, you know it's time to correct it. This film follows the stories of Rey, storm trooper-tuned-good-guy Finn played by John Boyega and pilot Dameron.
    Clashes erupt as pro- and anti-Trump rallies converge in Berkeley, California

    Clashes erupt as pro- and anti-Trump rallies converge in Berkeley, California

    Many Trump supporters already in MLK Civic Park with helmets and vests ahead of anticipated pro- and anti- Trump protests. Between 500 and 1,000 people were in park as the rallies peaked, according to an estimate by a Reuters reporter.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.