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.