Friday, 23 June, 2017

Samsung tips huge jump in profit despite corruption scandal

Samsung boss Lee Jae-Yong goes on trial in South Korea Samsung tips huge jump in profit despite corruption scandal
Devin Neal | 10 April, 2017, 02:31

Samsung won't provide net income or break out divisional performance until it releases final results later this month.

Investors and analysts expect Samsung to report its best-ever quarterly profit in April-June, with the Galaxy S8 smartphone hitting the market on April 21 in Samsung's first premium device launch since the Note 7's withdrawal in October.

"Generally speaking I think the improved product mix in appliances and televisions and the company's efforts to sell high-end products lifted profits", HI Investment analyst Song Eun-jeong said.

Lee faces five charges that could entail at least five years in prison if he is found guilty. 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.

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. Lee has denied wrongdoing.

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.

Trump Tells NYT Obama Aide Might Have Broken Law
Susan Rice , national security adviser for President Barack Obama, participates in a briefing at the White House on July 22, 2015. So is unmasking the identities of American citizens incidentally caught in surveillance, such as the identity of retired Lt.

The verdict is expected to be delivered in late May.

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 stable flow of components profits comes as Samsung's de facto leader, Lee Jae-yong, stands trial beginning Friday over his alleged role in a bribery scandal roiling South Korea. Mr.

The company's stock is trading near historic highs, despite Lee's troubles and the scrapping previous year of its flagship Galaxy Note 7 smartphone due to fire-prone batteries.

South Korean-based Samsung issued its earnings guidance for Q1 2017 and stated its operating profit is expected to come in around $8.8 billion United States dollars (9.9 trillion won), up approximately 48 percent over the same period past year, with sales topping 50 trillion won for the months January to March.

Samsung is due to give more details of its financial results later this month.

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