Samsung Expects First-Quarter Operating Profit to Rise 48%

Posted April 10, 2017

The first-quarter operating profit was above the market's earlier estimate of 9.43 trillion won, compiled by Yonhap Infomax, the financial news arm of Yonhap News Agency, on 22 South Korean brokerage houses. Park herself was arrested last week on charges such as colluding with Choi to pressure businesses such as Samsung to contribute to foundations that backed her administration's policy initiatives.

Revenue for the quarter rose 0.4 percent to 50 trillion won, compared with analysts' forecast of 49.4 trillion won.

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.

Analysts also expect Samsung to post even higher profits in the second quarter, likely a record, due to the launch of the Galaxy S8 and continued demand for its semiconductors.

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.

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At an event that's been dubbed the "trial of the century", prosecutors spent an hour laying out the charges against Lee, South Korea's highest profile business leader.

Lee, who was arrested in February, has been charged with offering almost $40 million to the now-impeached president and her close friend Choi Soon-Sil, allegedly as bribes to secure policy favours. Prosecutors allege the money was given to obtain government backing for a contentious merger of two Samsung companies in 2015 that served as a key step in passing corporate control to Lee from his ailing father.

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.

Demand for Samsung's essential components has remained robust during the explosion of internet-connected devices, which need memory chips to operate or store content, and a growing consumer preference for sleeker smartphones. Samsung Electronics said Friday its first-quarter profit jumped 48 percent, a better-than-ex.

Samsung, the world's largest maker of smartphones and display panels, has unveiled the Galaxy S8 smartphone last week, which is set to go on sales later this month.