Samsung forecasts record Q1 earnings on upbeat chip sales

The world's largest memory chip and smartphone maker said it expects operating profit of 9.9 trillion won (US$8.82 billion) in the January-to-March period, representing a year-on-year increase of 48.2 percent, thanks to strong sales of memory chips and display panels. The current record was set in the third quarter of 2013, when Samsung's operating profit hit 10.1 trillion won. Sales are expected to be 50 trillion won. But that might not be such a bad sign, considering the Galaxy S7 launched in Q1 previous year and the Galaxy S8 isn't going on sale until later this month - not to mention the fact that Samsung doesn't have a new Galaxy Note on sale right now.

It is the group's best quarterly profit in nearly four years.

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. Today Samsung India announces its latest smartphone Samsung Galaxy C7 Pro, which claims to offers all the three.

The South Korean company said Friday it expects its operating profit in the first quarter was 9.9 trillion won ($8.8 billion), up 48 percent from 6.7 trillion won in the same period a year ago.

Lee was arrested in February and appeared in a Seoul court on Friday.

LG shares rose 0.4 percent on Friday, outperforming a 0.1 percent drop for the broader market .KS11 .

In recent weeks, the Korean tech giant unveiled its new flagship smartphone: the Samsung Galaxy S8.

Choi, a former Samsung Group vice-chairman considered a mentor to Lee, left the conglomerate on March 1 after it dismantled its corporate strategy office - a nerve centre long considered an instrument for the founding Lee family's management of the companies.

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

Samsung was forced to recall it late past year after reports of the device overheating and exploding.

A refreshed focus on the Galaxy S7 was able to able to bring in some additional revenue for Samsung when we saw the company releasing additional color variants throughout the year. "Assuming that a Note 7-like catastrophe doesn't rear its ugly head again, Samsung's phone sales should have the potential to add to what is already a booming components business in the quarters ahead", he added.

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