Samsung tips 48 percent jump in 1Q profit

Samsung Electronics' Galaxy S8 smartphones are displayed at a shop in Seoul South Korea

The outlet also stated that some analysts said losses were smaller in the quarter as LG's new lower-tier products fared better and the company reduced market spending.

The hefty profits highlight Samsung's resilience after the embarrassing recall of its fire-prone Note 7 smartphone past year.

The heir to the huge Samsung business empire appeared in court Friday at the start of his trial for embezzlement and perjury, part of a corruption scandal that brought down South Korea's president.

Samsung Electronics' operating profit is forecast to reach 13 trillion won in the second quarter of this year, an all-time high if achieved, according to Kim Sun-woo, an analyst at Meritz Securities.

Revenue for the quarter rose 0.4 percent to 50 trillion won, compared with analysts' forecast of 49.4 trillion won.




Lee Jae-Yong, the vice-chairman of Samsung Electronics, was brought into the Seoul Central District Court bound and handcuffed.

Lee faces five charges that could entail at least five years in prison if he is found guilty. Lee has denied wrongdoing. He could spend more than 20 years in jail if convicted on all charges, including one that he pledged 43 billion won in bribes to foundations backed by Park and her confidant, Choi Soon-sil. They accused him of playing a key role in an influence-peddling scandal that set off mass protests and led to the ouster of President Park Geun-hye.

Earlier in the day, Samsung estimated the January-March period will produce its best quarterly profit in more than three years, beating expectations and putting it on track for record annual earnings on the back of a memory chip super-cycle.

The results also underscore how the electronics conglomerate is recovering from last year's Note 7 crisis, when some smartphones burst into flames and forced Samsung to pull it from shelves. But the outlook for the Suwon, South Korea-based firm's mobile division got a boost last week after unveiling its newest flagship phone, the Galaxy S8.

Demand for Samsung's essential components has remained robust during the explosion of internet-connected devices, which need memory chips to operate or store content, and a growing consumer preference for sleeker smartphones. The S8 was its first major smartphone launch since the fire-prone Galaxy Note 7 fiasco.

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