Samsung has revealed its profit forecast for the January-March period of 2017 which is expected to be the best financial quarter for the company in over three years.
Samsung earned its highest quarterly operating profit of 10.16 trillion won in the third quarter of 2013 thanks to robust smartphone and chip sales. Revenue likely rose 9.7 percent from a year earlier to 14.7 trillion won.
Operating profit rose to eight.seven billion dollars, more than seven percent up from the previous quarter and nearly 50 percent higher than the year before.
In an official blog post, Samsung reported that it is expecting an operating profit of around 9.9 trillion won (approx $8.7 billion). Some researchers believe the smartphone will set a new first-year sales record.
The good news for Samsung comes even in the wake of the explosive Galaxy Note 7 handsets and a political bribery and corruption scandal which is now on-going in South Korea.
Galaxy Note 7 preorders hit 400,000 units from August 6 to 18 past year.
While some companies have been struggling financially for quite a bit now, Samsung has been able to hold strong over the last couple of years. This means that the 5.7-inch display that we've consistently been seeing on the company's Galaxy Note series might cease to exist in the future. Sales of its new G6 flagship smartphone began in March and will not provide meaningful contributions until the second quarter. But the Korean firm's successful chip manufacturing business managed to mostly make up for the Note 7's losses.
However, Lee's involvement in the corruption scandal is unlikely to have any long-term impact on Samsung's brand, analysts says. A few months later, its de facto heir and several top executives were charged with crimes linked to a political scandal that toppled the country's president.
Lee was arrested in February and appeared in a Seoul court on Friday.