Samsung Announces High Profit Estimates For Q1 2017

Apart from consumer electronics where it sells Smartphones, TVs, ACs etc. Samsung is also world's largest memory chip maker which is why its deal with Qualcomm saw it suck all the Qualcomm Snapdragon 835 chipsets in the initial phase.

The company is expecting to report an operating profit of €8.3bn - that's 48% higher than the same period previous year.

The Korean electronics giant issued preliminary guidance for its first-quarter 2017 Thursday, forecasting an operating profit of 9.9 trillion won ($8.8 billion) and sales of $50 trillion won ($44 billion).

The forecast $8.8bn profits don't include what the company is hoping to make from its new phone, the new and improved Galaxy 8, which hits the shelves later this month. Lee has previously denied the charges, saying that while Samsung did give money to the foundations, he didn't know Choi controlled them nor did he expect anything in return.

Lee has gone on trial in South Korea. Sales of its new G6 flagship smartphone began in March and will not provide meaningful contributions until the second quarter. The announcement comes after the company struggled with the global recall of the Galaxy Note 7 and a political scandal involving the company's Vice Chairman Jay Y. Lee.

Lee, who was arrested in February, has been charged with paying almost $40 million to the now-impeached president's close friend Choi Soon-Sil, allegedly as bribes to secure policy favours.

From what appears from Samsung's media invite that it is likely to launch the Galaxy C7 Pro in India on Friday.

The company held the handset back until this month while it reviewed its quality control system, aiming to avoid a repeat of last summer's problems with the fire-prone Galaxy Note 7. While Samsung didn't detail what it will be launching, the firm is expected to launch the Galaxy C7 Pro or the Galaxy C5 Pro smartphone in the country.