Samsung’s Q1 2017 earnings are in, sees record profits

Samsung has gone ahead and posted its earning results for the first quarter of 2017. Even with the discontinuation of the Galaxy Note 7 and having to push and market the Galaxy S7 more, the Korean tech giant still saw some record profits this quarter.

As you might expect, there were decreased smartphone sales due to decreased flagship sales (i.e. the Galaxy Note 7 not being available to buy). So, while Samsung’s smartphone division saw lower sales, its semiconductor business was booming this quarter due to increased demand for memory products.

Overall, Samsung saw a net profit of $6.8 billion or 7.68 trillion won, a 46% increase from the same time last year.

Total revenue came out to $44.7 billion, a slight increase from last year’s $44.01 billion. Looking at the mobile division specifically, it saw an operating profit of $1.8 billion, which isn’t good in the least. It’s down by a whole 47% from this time last year, which saw an operating profit of $3.4 billion. Again, this is largely because of the Galaxy Note 7 fiasco.

Still, Samsung is looking for to the second quarter. The company is pushing the Galaxy S8 and Galaxy S8+ hard, and that should show in future quarterly earnings. We also have the Galaxy Note 8 to look forward to this year, which will hopefully help return things to normal by this time next year.

source: Samsung

About the Author: Brad Ward

Brad is a tech enthusiast, writing and tinkering with all things technology since 2011. He currently bounces between the LG G3 and his beloved Moto X! His interests include reading, entrepreneurship, the gym, and of course, queso.