LG sees best first quarter for almost eight years

  • LG sees best first quarter for almost eight years

LG sees best first quarter for almost eight years

The prosecution is trying to determine whether the donations were given as bribes in exchange for government support for the company's bid to enter the lucrative duty-free business. Samsung was forced to recall it late past year after reports of the device overheating and exploding.

The company on Thursday announced that its Q1 2017 operating profits were around $8.7 billion and total sales stood at $44.1 billion which is nearly 50 percent increase when compared to Q1 2016. The figure is higher than the average 9.4 trillion forecast from 18 analysts, according to Reuters. Revenue likely rose 9.7 percent from a year earlier to 14.7 trillion won.

Samsung Electronics on Friday released brisk preliminary earnings for the first quarter of 2017, largely driven by the memory chips it makes for other companies' smartphones.

Lee was arrested in February and appeared in a Seoul court on Friday.

The scandal engulfed Park's administration, prompted millions of South Koreans to regularly protest in the streets and culminated in Park's ousting in March.

"It was an assistance made following the president's request to promote cultural prosperity and sports development, which did not involve getting any favors in return", Lee's legal representative said. It is scheduled to give more details including quarterly net profit later in the month.

The strong comeback was a result of booming sales of memory chips and flat-panel displays, Samsung said.

In their guidance, Samsung also say they expect consolidated sales for Q1 2017 to reach approximately 50 trillion Korean won ($44.19 billion).

Details about the successor to last year's Galaxy Note 7 are quite scarce, but some reports state that the smartphone will have 6GB of RAM and 256GB of internal storage.

Industry officials said the Galaxy S8 could break the previous preorder record set by the Galaxy Note 7, though the preorder period for the S8 is two days shorter than that of the Note 7.