Samsung officially forecasts rising profits for Q1 2017, nearly breaking all-time records
Far from a one-trick pony, the world’s second largest information technology company by revenue was still expected to take a big financial and public perception hit as a result of the Galaxy Note 7 debacle. But while Q3 2016 profits predictably tumbled, and various surveys indicated Samsung’s reputation was temporarily harmed, the chaebol quickly returned stronger than ever in the limelight.
Thanks to a miracle-working Galaxy S7 duo, increasingly popular low to mid-end phones and especially hotly-demanded mobile components, Samsung managed to post stellar Q4 2016 and full-year financial scores, now estimating an even higher Q1 2017 consolidated operating profit.
We’re talking approximately 9.9 trillion Korean won, or around $8.7 billion, earned on 50 trillion won consolidated quarterly sales, up sequentially from a 9.22 trillion bottom line despite higher 53.33tn sales between October and December 2016.
Compared to the first calendar quarter of last year, that 9.9 trillion surplus marks an almost 50 percent surge, and it’s actually the second best figure on record, narrowly behind the third quarter of 2013. With the hot new Galaxy S8 and S8+ slated for commercial rollouts by the end of April, it’s probably safe to forecast record-high sales numbers and profits during Q2 2017 before Samsung likely crushes its previous yearly records.
The full, detailed first-quarter report will be released in a couple of weeks, when we’ll find out just how successful Samsung’s chip-making business has been, single-handedly offsetting the slightly weaker performance of other divisions, including smartphones.