Samsung expects record profit in first quarter

Samsung has revealed its profit forecast for the January-March period of 2017 which is expected to be the best financial quarter for the company in over three years.

The strong comeback was a result of booming sales of memory chips and flat-panel displays, Samsung said. 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.

The global recall of Samsung Galaxy Note 7 actually hammered Samsung with a loss of about $17 billion. Sales of its new G6 flagship smartphone began in March and will not provide meaningful contributions until the second quarter.

Samsung Electronics has today announced its earnings forecast for the first quarter of the fiscal year 2017.

Investors and analysts expect Samsung to report its best-ever quarterly profit in April-June, with the Galaxy S8 smartphone hitting the market on April 21 in Samsung's first premium device launch since the Note 7's withdrawal in October.

Nevertheless, the latest financial figures show how Samsung has managed to overcome all the obstacles after messing up with one of its flagship products previous year.

Samsung said its first-quarter sales rose only modestly, to 50 trillion won.

Samsung launched its new mid-tier phone, aka the Galaxy C7 Pro in India on Friday at a cost of Rs 27,990. But that might not be such a bad sign, considering the Galaxy S7 launched in Q1 past 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.

Lee's defence lawyers however said the payments to Choi were charitable contributions for sports and culture development that Samsung was obliged to make under pressure from officials, and not bribes.

Lee was arrested in February over his alleged role in a corruption scandal.

The acting head of Samsung Group has gone on trial in South Korea for his alleged role in a corruption scandal that led to the ousting of the president.

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