Samsung forecasts best quarterly profit in over 3 yrs as chips soar

Samsung tips huge jump in profit despite corruption scandal

Samsung scrapped its flagship smartphones past year after they overheated and caught fire, leaving billions of dollars in financial damages and hurting its reputation.

LG is the world's second largest television maker behind Samsung and it said that its operating profit between January and March was likely 922 billion won ($812.62 million), compared with an average forecast of 518 billion won.

SK hynix's operating profit is forecast to surge to 2.2 trillion won, up from 0.56 trillion won a year earlier.

Samsung also predicted consolidated sales of about 50 trillion won for the first quarter, according to the company's Friday guidance.

He's set to make his first court appearance on Friday.

Lee Jae-yong, 48, a vice chairman at Samsung Electronics and the only son of its chairman, was arrested and indicted in February on bribery, embezzlement and three other charges that could entail at least five years in prison if he is proven guilty.


The 48-year-old Lee has denied allegations from prosecutors that he bribed former president Park Geun-hye's friend to secure government backing for a 2015 merger that helped him tighten his control over Samsung.

Lee, who was arrested in February, has been charged with offering almost $40 million to the now-impeached president and her close friend Choi Soon-Sil, allegedly as bribes to secure policy favours.

The world's largest smartphone maker has survived a global slowdown in handset sales - and its costly recall past year of Galaxy Note 7 devices - by profiting from its strong positions in memory chips and flexible displays.

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. It is scheduled to give more details including quarterly net profit later in the month.

Samsung's latest flagship phone, the Galaxy S8, didn't debut until after the end of the quarter and isn't reflected in the figures.

"The semiconductor market will continue to expand until 2018-2019 due to the increasing demands and stagnating supply", said Kim Kyung-min, an analyst at Daishin Securities. Last week, it presented and began taking preorders for its Galaxy S8, its first major smartphone launch since the fire-prone Galaxy Note 7 fiasco.

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