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Samsung estimates 50% profit rise despite Galaxy Note7 woes

Is Samsung finally seeing the light at the end of the tunnel? Following its disastrous Galaxy Note7 battery explosion conundrum, during the latest quarterly results announced last Friday, the Korean electronics giant estimated an approximate 50% jump in its fourth-quarter 2016 operating profit.

According to Reuters, this is the highest profit figure in more than three years. Meanwhile CNBC attributes this to the components business, which is expected to compensate against the fallen profit in its struggling mobile division.

The company had a tumultuous last year, as the brand was badly affected by the exploding washing machines shortly after its Note7 saga, as well as being linked to a high-profiled corruption scandal involving its own country’s president. 

Consolidated operating profit for the fourth quarter ending December 2016 quarter is expected to be 9.2 trillion won ($7.8 billion), up from the 6.14 trillion a year earlier. For the full year in 2016, Samsung estimated its consolidated operating profit to reach approximately 29.22 trillion Korean won as opposed last year’s 26.41 trillion won.

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