Samsung profit forecast back on track

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Despite a recent political corruption scandal and the saga over exploding Note 7s, the South Korean giant is on track to deliver its best quarterly performance for four years.

Samsung is forecasting that it will deliver record profits in the first quarter of 2017, with a rise of 48 per cent to $8.8bn (£7bn) in the period January-March.

The company has been beset by a number of high profile problems, not least the withdrawal last year of its Note 7 phone due to exploding batteries.

It is hoping that its recently revealed Galaxy S8 smartphone, due to go on sale later this month, will restore its battered reputation. Strong memory chip sales have also contributed to its improved financial performance, with the firm's share price picking up in the last few months.

Samsung's success is vital to the South Korean economy, as the consumer electronics giant contributes a fifth of the country's GDP (Gross Domestic Product).

MORE: Samsung TVs can be hacked and remotely controlled

[Source: BBC News]

Andy Clough
Andy Clough

Andy is Global Brand Director of What Hi-Fi? and has been a technology journalist for 30 years. During that time he has covered everything from VHS and Betamax, MiniDisc and DCC to CDi, Laserdisc and 3D TV, and any number of other formats that have come and gone. He loves nothing better than a good old format war. Andy edited several hi-fi and home cinema magazines before relaunching whathifi.com in 2008 and helping turn it into the global success it is today. When not listening to music or watching TV, he spends far too much of his time reading about cars he can't afford to buy.