Apple's rival Samsung Electronics forecast its best quarterly profit in more than three years in the January-March period, Reuters reported Friday.
Samsung's consolidated sales are expected to be around 50 trillion won (~$44.09 billion), with operating profits at 9.9 trillion won (~$8.73 billion).
Samsung, which last week unveiled its new flagship smartphone, the Galaxy S8, was helped by strong sales of memory chips. That overshadowed Samsung reporting quarterly profit of almost $9 billion - its highest in more than three years - and the start of pre-orders in South Korea for its newest flagship smartphone. "It will give a big boost to Samsung's earnings from the second quarter", analyst from IBK Securities, Lee Seung-woo told the Financial Times. Samsung smartphone sales fell in the third quarter of 2016 by 14.2 percent year over year, making it the company's worst performance ever.
That would be its best quarterly profit in nearly four years and shows a recovery from the Galaxy Note 7 fiasco. But the Korean firm's successful chip manufacturing business managed to mostly make up for the Note 7's losses. Samsung scrapped its flagship smartphones past year after they overheated and caught fire, leaving billions of dollars in financial damages and hurting its reputation.
A bound and handcuffed Lee Jae-Yong, the vice-chairman of Samsung Electronics, arrived at the Seoul Central District Court as his trial opened Friday. A few months later, its de facto heir and several top executives were charged with crimes linked to a political scandal that toppled the country's president. They accused him of playing a key role in an influence-peddling scandal that set off mass protests and led to the ouster of President Park Geun-hye.
Samsung's plans to refurbish the Galaxy Note 7 for emerging markets will seemingly come with a major advantage over the original model... beyond the whole not catching fire thing. (STAND UP) Lee was indicted at the end of February, and by law the district court must rule on the case by the end of May.