Samsung announces biggest quarterly net profit since 2013
Samsung announces biggest quarterly net profit since 2013
Samsung just posted its biggest quarterly net profit since Q3 2013; it’s a cool 7.68 trillion won (S$9.4 billion). The operating profit (before taxes) was at 9.89 trillion won.
According to The Business Times, a breakdown of Samsung’s Q1 2017 profit showed that it was their components businesses that raked in the biggest dough – namely displays and memory chips. Reuters reported that the DRAM and NAND memory chips by Samsung saw a record 6.3 trillion won in operating profits, and it was boosted further by the increased demand for these components in other smartphone brands.
The death of the Galaxy Note7 and the resulting fallout might have affected their mobile business figures for the quarter – it had an operating profit of 2.07 trillion won (down from Q1 2016’s 3.9 trillion won). In the same period, Samsung had to deal with embezzlement and bribery claims, which led to the arrest of their current acting head.
Despite the setback, Samsung went on to have their best-ever pre-order drive thanks to their Galaxy S8 smartphones. The numbers should be reflected in the next quarterly report, since the phone’s official retail launch doesn’t happen until this weekend (Q1 numbers are January to March 2017 only).
Source: The Business Times, Reuters