Samsung foresees bigger profit in 2017 as memory chips soar

Pre-orders for the Galaxy S8 launched in April were better than many analysts had expected. It is also the highest operating profit figure for the quarter ended March in over three years. While we liked what Samsung had to offer on the Samsung Galaxy S8 this year, this Note 8 concept had us all staring with our mouth wide open.

Samsung stopped production of the Note7 in October after complaints that the phone batteries had in some cases overheated and even exploded.

Operating income from Samsung's chips unit was 6.31 trillion won while the display business had earnings of 1.3 trillion won.

Last week, Samsung confirmed that the company will be rolling out the fix for the red tint display issue plaguing some units of the smartphone, and more recently, said the update would be rolled out this week, as reported by TheNewsGuru.

Samsung has posted its best quarterly profits since 2013 with strong memory chip and display sale, despite Sliding mobile sales.

First quarter operating profit for Asia's most valuable company by market capitalization was $8.75 billion, matching Samsung's earlier guidance.

However, it expects overall smartphone shipments to be flat quarter-on-quarter due to decreased sales of mid to low-end products.

Samsung was forced to scrap its Galaxy Note 7 smartphones in 2016 when customers complained that they were bursting into flames and airlines banned them over safety fears.

Separately, Samsung said it Board of Directors approved plans to cancel the existing treasury shares held by the Company. However, it seems that Samsung wants to continue with the Note series of phones to battle the nest iPhone later in the year and manage a major amount of consumers' interest and investment towards their products.

USA -based Elliott in October called for Samsung Electronics to adopt a holding company structure by splitting itself in two, and to pay out a 30 trillion won a special dividend. There was equally good news on the sales front as revenue for the quarter came in at 50.55 trillion won (£34.6bn), from 49.79 trillion won (£34bn) in the same year ago quarter.

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