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Samsung Profit, Sales Top Estimates on Chips, S8 Smartphone

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Samsung Profit, Sales Top Estimates on Chips, S8 Smartphone

Postby MrFredPFL » Wed Jul 26, 2017 11:24 pm

Story :

Samsung Electronics Co.’s quarterly profit and revenue topped analysts’ estimates, fueled by the success of its new Galaxy S8 smartphones and demand for semiconductors.

Net income rose to a record 10.8 trillion won ($9.6 billion) in the three months ended June, the Suwon, South Korea-based company said in a filing Thursday, exceeding the 9.75 trillion won average of projections compiled by Bloomberg. Sales rose 20 percent to 61 trillion won.

The results come at a critical time with the trial of billionaire heir apparent Jay Y. Lee winding down to its final proceedings in a scandal that has kept the vice chairman away from Samsung for half a year. In his absence the company has released the S8 to glowing reviews, helping it recover from the Note 7 recall, while also boosting investment in chips to meet demand from rivals including Apple Inc.

“The S8 has indeed helped get Samsung back onto its feet, hopefully putting the Note7 debacle behind it,” Bryan Ma, a technology industry analyst at IDC, said before the announcement. “But we also have to keep in mind that a lot of Samsung’s momentum is from memory and displays too, so it’s not all about the S8, either.”

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