Samsung Confirms Plans For New Flagship Smartphone Later This Year

Samsung Confirms Plans For New Flagship Smartphone Later This Year

Operating profit also dropped by 47 percent to almost 4 trillion won.

The electronics manufacturer posted extremely good first-quarter earnings on Thursday, highlighting the size and diversification within the company.

We are in full publication mode for quarterly results of all companies that integrate technology and telecommunications ecosystem. In a separate statement, it said it will cancel more than $35 billion of treasury shares held by the company.

This area was buoyed by price gains for both DRAM and NAND memory chips as supply growth constraints and demand for more firepower on devices such as smartphones and servers boosted margins, according to Reuters.

The world's No 2 television maker behind Samsung Electronics Co Ltd said its January-March profit was 922 billion won (RM3.5 billion), up 82 per cent from a year ago and in line with its estimate earlier in April. This is an increase of 3.22 trillion won ($2.85 billion), 48 percent higher than the profit for the same quarter a year before. Memory will again be the most beneficial market as they expect the release of S8 and its S8 + version to trigger the profit for the mobile phone division.

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Despite the solid earnings, the company remains involved in a scandal, with chief Jay Y. Lee now on trial for alleged participation in a corruption case that brought down South Korean President Park Geun-hye.

The company goes on to state: "Looking to the second quarter, the company plans to actively address the expected continuous rise in demand for OLED panels, including flexible displays".

Samsung made it clear Thursday that it rejected such a move and it will stick to its current structure as its board of directors believed that such a change would hurt the company's competitiveness.

In a statement, the South Korean tech giant answers numerous complaints that it has received over the red screen display.

While the news was initially met with disappointment - with Samsung shares sliding at market open - it seems the company's glistening performance, strong guidance and landmark dividend was able to lift investor spirits.