Samsung is back in business as it forecasts 50% profit jump
Samsung is back in business. Fresh from its highest profit jump in three years and the successful launch of its new flagship Galaxy S8, the Korean company is now forecasting a big jump in profits for its upcoming Q1 2017 financials.
The company is predicting profits for the quarter will come in around 9.9 trillion KRW ($8.7 billion), which would be up 48 percent year-on-year. Revenue is forecast at around 50 trillion KRW ($44.1 billion), roughly on par with 49.78 trillion KRW one year previous.
This is all before the Galaxy S8 even goes on sale, of course. The device will begin shipping to pre-order customers on April 18, with the phone then going on sale to all from April 21.
These forecast results show that Samsung has bounced back from the Galaxy Note 7 disaster. The device’s recall hit the company hard financially. Samsung’s profits and revenue both plunged 30 percent in its Q3 2016. Analysts predicted that the phone, which Samsung confirmed was withdrawn from sale due to issues with its battery, may have cost Samsung anything from $7 billion-10 billion in total.