Samsung's Quarterly Forecast Suggests the Best Profits in Over Three Years

Profits are expected to have increased by a enormous 48% and the company says the profit for Q1 2017 was likely $8.8 billion, or 9.9 trillion won.

Samsung, which last week unveiled its new flagship smartphone, the Galaxy S8, was helped by strong sales of memory chips.

Samsung expects sales to reach 50 trillion won for the first quarter between January and March, while analysts predict that the company's operating profit in the second quarter will reach a record high. Samsung scrapped its flagship smartphones previous year after they overheated and caught fire, leaving billions of dollars in financial damages and hurting its reputation.

Prosecutors believe the 48-year-old billionaire and his aides used Samsung corporate funds to bribe former President Park Geun-hye and her close confidante in exchange for supporting a smooth leadership transition at Samsung.

"We are very positive about the new phone".

Details about the successor to last year's Galaxy Note 7 are quite scarce, but some reports state that the smartphone will have 6GB of RAM and 256GB of internal storage.

A man looks at LG Electronics' TV sets, which are made with LG Display flat screens, at its store in Seoul, South Korea, April 26, 2016.

That would be its best quarterly profit in nearly four years and shows a recovery from the Galaxy Note 7 fiasco. The prosecution is trying to determine whether the donations were given as bribes in exchange for government support for the company's bid to enter the lucrative duty-free business.

Lee's arrest, the first for a Samsung chief even though his father was twice convicted of bribery, sent shockwaves through the company and triggered the announcement of a major reform of its top-down management style.

Samsung has released its Q1 2017 estimates a week after unveiling its 2017 flagship smartphones i.e. the Galaxy S8 and Galaxy S8+ at its "Unpacked" event in NY. He and Samsung have denied wrongdoing. (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.

Vanessa Coleman

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