Samsung’s earnings for Q1 are more than good, profits come close to record high

It’s April, which means first quarter results are now coming in. A few days ago, we passed along T-Mobile’s Q1 report, and today, Samsung, the South Korean tech giant, has announced its earnings for Q1. They are much better than you probably think.

Despite hang-time as a result of the halt in Galaxy Note 7 production, Samsung was able to capture high revenues during the first quarter of 2017. Though the company saw a drop in its smartphone sales during the period because of no new flagship being available to buy, Samsung’s semiconductor panel saw big increases thanks to gained interest in computer parts and other essentials. Samsung’s mobile division saw operating profits drop by a whopping 47% to just $1.8 billion during Q1. However, the company’s total revenue rose to $44.7 billion, a minor increase from the same period last year.

Samsung’s net profit was the most surprising figure on its quarterly report. Profits rose to $6.8 billion in total, which is up 46% from last year. This made for Samsung’s second highest quarter ever on the basis of profit. Contributing to the major gain was just about everything other than mobile devices, including appliances, TVs, parts, and more.

With both the Galaxy S8 and Galaxy S8+ now on the global market, history is prone to repeat itself. Pre-order numbers hit home topping that of last year’s Galaxy S7 models by millions in Korea, setting a record high. And globally, pre-orders were 30% higher. Given that the company hasn’t released a high-end smartphone model in a full year and increased the screen sizes of its new models to attract past Galaxy Note 7 customers, we expect nothing but an increase for the company’s mobile division, one that should be reflected in Samsung’s Q2 earnings report and beyond.

Since Samsung’s earnings were first reported, the company’s stock price rose by approximately 2.5%. We’ll keep you posted on this as well as more financial results from the mobile industry in the order they’re reported to us.

The full in-depth results can be viewed at the source link below to Samsung’s Newsroom.

SOURCE [Samsung]

About Doug Demagistris 1627 Articles
Doug Demagistris is the Founder and current Editor In Chief of Droid Turf. He grew up in New York and now attends Bryant University where he is studying marketing and communication. He has been and always will be a Google enthusiast thanks to Android’s customization, flat design and exceptional integration with various Google services. Currently, Doug uses a Pixel 2 XL as his daily driver for its unique design, powerful hardware, exceptional camera, and stock experience. For shorter instances, he’ll glance at his Huawei Watch. And for more productive work, you’ll find him typing away on his Pixelbook. Doug is hopeful his productivity will make lives easier, more meaningful and help down the road.