Samsung reports highest profit despite blowing phones and dropping sales

Samsung logo

Samsung has released its financial standings for the first quarter of 2017 and as reported in earlier reports the brand has been enjoying a rise in profits for most divisions.

The overall operating profits have amounted to $8.8 billion which have increased by 48% from last year. This is Samsung’s second most profitable quarter ever and the best results for a year’s first quarter.

The net profits have also gone up by 46% from 2016 with a total of $6.8 billion and the overall revenue has seen a slight rise from last year’s $44.01 billion to $44.7 billion. Although Samsung has reported a rise in most divisions, sales for mobile units have declined by 47%, down from last year’s $3.4 billion to $1.8 billion.

Samsung had to rely for a very long time on the sales of the Galaxy S7 because of the Galaxy Note 7 explosions which will now be making its way in the market as a refurbished device although the company recorded impressive sales for the Galaxy A 2017.

The smartphone manufacturing giant hopes the sales from the mobile sector will release as the new Galaxy S8 and S8+ are now available and the Note 8 will also be released in the later half of the year.

A major chunk of Samsung’s profits was generated from the semiconductor business as the company saw a significant rise in the demand for memory products.

Leave a Reply

Your email address will not be published. Required fields are marked *