Samsung tips huge jump in profit as heir to stand trial
Samsung Electronics expects an operating profit of 9.9 trillion won ($8.8 billion) and sales of 50 trillion won for the first quarter of the year, the company has said in its preliminary earnings guidance.
Samsung, in a regulatory filing, said its January-March profit was likely 9.9 trillion won ($8.76 billion), compared with an average forecast of 9.4 trillion won from a Thomson Reuters survey of 18 analysts.
SK hynix's operating profit is forecast to surge to 2.2 trillion won, up from 0.56 trillion won a year earlier.
The bright first quarter outlook came just hours before Samsung's vice chairman and de facto leader Jay Y. Lee was due in court on Friday, marking his first appearance in a trial where he and four other company executives face charges of bribery, embezzlement, perjury and hiding assets overseas, among others.
The Korean smartphone maker is expected to announce its finalised earnings figures later in April, Yonhap said.
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Growing demand for more firepower from devices such as smartphones and servers have also helped push up margins for Samsung and its rivals in recent quarters. Samsung Electronics said Friday, April 7, 2017 its first-quarter profit jumped 48 percent likely due to smartphone component s.
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. Several leaders of prominent chaebols, or family-run companies like Samsung in South Korea, have faced similar situations, including Lee's father, Lee Kun-hee.
Lee's lawyer flatly denied the charges.
Song said Samsung was unaware of Park's friend, Choi Soon-sil, until after the scandal over their relationship and allegations of influence-peddling surfaced late a year ago. It is scheduled to give more details including quarterly net profit later in the month. Samsung unveiled its latest flagship last month and the device will officially go on sale globally, including Canada, on April 21st.
Samsung Electronics Co. posted higher-than-projected profit on strong sales of memory chips and displays, showing that its core businesses remain stable even after losing its global lead in smartphones to Apple Inc. The S8 was its first major smartphone launch since the fire-prone Galaxy Note 7 fiasco.
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