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Samsung Electronics expects Q1 profits to jump

Samsung Electronics expects Q1 profits to jump

The South Korean company said Friday it expects its operating profit in the first quarter was 9.9 trillion won (US$8.8 billion), up 48 percent from 6.7 trillion won in the same period past year.

A refreshed focus on the Galaxy S7 was able to able to bring in some additional revenue for Samsung when we saw the company releasing additional color variants throughout the year.

The vice chairman of Samsung Electronics was indicted on bribery, forgery, and embezzlement charges.

The Samsung Galaxy S8 boasts a number of high-end features, and received rave reviews for its display, which one research firm rates as the best-ever on a smartphone. Samsung has been facing various challenges since a year ago, including the suspended production of the Galaxy Note 7 phablet and the arrest of the firm's de facto head Lee Jae-young in line with the corruption scandal that led to the ouster of South Korea's president.

Choi, a former Samsung Group vice chairman considered a mentor to Jay Y. Lee, the vice chairman of Samsung Electronics Co Ltd (005930.KS), left the conglomerate on March 1 after it dismantled its corporate strategy office - a nerve center long considered an instrument for the founding Lee family's management of the companies. Its sales stayed almost flat at 50 trillion won ($44 billion) during the first quarter.

Industry watchers said the healthy performance is attributable to the improved profitability of the company's TV and home appliance businesses, while it also successfully reduced losses from the smartphone business.

Analysts are expecting Samsung's second quarter results to be even better due to the S8 and the new artificial intelligence technology that comes with it, known as Bixby.

Mr Lee, who appeared in court in handcuffs, has denied the bribery allegations, saying Samsung was coerced into handing over the funds.

Operating profit in the chip-making unit of Samsung is estimated at a range of 5-6 trillion won in the first quarter.

Samsung holds back details about each business division's performance until it posts the finalised earnings report later this month.

The forecast will come as welcome news to the South Korean giant after a torrid period in which it had to ditch its flagship Galaxy Note 7 after several battery fires.

The industry believes the memory chip market since the latter half of previous year has entered a new super cycle, a period of an upturn as the result of replacements with high-performance memory in PCs and strong demand for mobile devices.

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