Samsung heir denies bribery charges at hearing

Samsung heir denies bribery charges at hearing

Samsung heir denies bribery charges at hearing

Samsung Electronics said Friday, April 7, 2017 its first-quarter profit jumped 48 percent likely due to smartphone componen.

Trial sessions have begun for the de facto head of the South Korean company Samsung, Lee Jae-yong, on charges of bribery linked to a corruption scandal that has brought down South Korea's president.

If it proves to be true, this confident prediction by Samsung will see the company trump both its results for the same period a year ago, as well as their troubled holiday quarter. But the outlook for the Suwon, South Korea-based firm's mobile division got a boost last week after unveiling its newest flagship phone, the Galaxy S8.

Samsung shares touched a record high of 2.134 million won in late March on expectations of record earnings in 2017, as limited production capacity for the memory chip industry and growing demand for more firepower from devices such as smartphones and servers push up margins.

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Samsung has denied any wrongdoing and Lee, who was arrested in February, has pleaded not guilty.

Samsung posted its best operating profit in the third quarter of 2013 when it earned 10.2 trillion won.

It is a rise of 82.4 percent and 9.7 percent, respectively, and its second-best in quarterly profits ever.

The strong comeback was a result of booming sales of memory chips and flat-panel displays, Samsung said.

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Samsung Electronics Co.'s thriving components business is keeping it financially prosperous, prompting the company to forecast strong first-quarter earnings growth despite political turmoil ensnaring the South Korean conglomerate back home. The unit posted its record quarterly high of 4.95 trillion won in operating profit in the previous quarter.

Data from IHS Markit showed Samsung was the dominant market player in both DRAM and NAND flash memory businesses last quarter.

"Business restructuring is one of Samsung's various corporate management activities", the lawyer said. The company is set to release the finalized earnings report later this month.

Kim Yong-Gu of Hana Financial Investment Co. said investors were also concerned that IT and automakers would be most affected if the U.S. report on foreign currencies due next week adds to USA pressure on South Korea to reduce its trade surplus. Problems began past year with widespread reports of exploding Galaxy Note 7 handsets.

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