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Samsung profit surges despite Note 7 fiasco Samsung profit surges despite Note 7 battery fiasco
(35 minutes later)
Despite the fiasco with its flagship Galaxy Note 7 phone, Samsung Electronics estimates its profit in the fourth quarter surged by 50%. Despite the fiasco with its flagship Galaxy Note 7 phone, Samsung Electronics is forecasting a 50% surge in profits for the fourth quarter.
The South Korean tech giant is expecting to post 9.2tn won ($7.8bn, £6.2bn) in operating profit for the months from September to December. The earnings estimate is higher than analysts' predicted and would mark its highest quarterly profit since 2013.
The strong results are due to Samsung's semiconductor and display business. In October, the world's largest smartphone maker had to scrap the Note 7 after batteries caught fire and even replacement devices went up in smoke.
In October, their Note 7 had to be taken off the market after its batteries repeatedly caught fire. The strong results are due to Samsung's semiconductor and display businesses.
The strong earnings estimate beat analysts' expectations and marks the highest quarterly profit since late 2013. The South Korean tech giant said it expected to post 9.2tn won ($7.8bn, £6.2bn) in operating profit for the months from September to December.
Demand for memory chip and displays is expected to remain high throughout the next year. Demand for memory chip and displays is expected to remain high throughout 2017, giving investors a bright outlook for the next year.
Note 7 profit hitNote 7 profit hit
In its earlier profit forecast for the quarter, Samsung had said it anticipated a $2.1bn profit hit due to the recall. In an earlier profit forecast for the fourth quarter, Samsung had said it expected the Note 7 recall would mean a $2.1bn hit to their profits.
Samsung first issued a recall for the Galaxy Note 7 in September following complaints about exploding batteries. The company first issued a recall for the Galaxy Note 7 in September following complaints about exploding batteries.
After replacement devices deemed safe were also found to overheat and catch fire, the company scrapped the phone entirely.After replacement devices deemed safe were also found to overheat and catch fire, the company scrapped the phone entirely.
Samsung said that it will "very soon" share details of its inquiry into the cause of the Note 7 problems.Samsung said that it will "very soon" share details of its inquiry into the cause of the Note 7 problems.
Samsung will disclose a detailed earnings release for the quarter in late January which will give more insights into the performance of its individual businesses. The company will disclose a detailed earnings release for the quarter in late January which will give more insights into the performance of its individual businesses.