In an official statement, South Korean smartphone maker Samsung revealed that it is doing just fine in terms of revenues and profits despite the disaster that was Galaxy Note 7 and the loss it tagged along with itself.
The company outed its earnings for the fourth quarter depicting a net profit of 9.2 trillion won (approx. US$ 7.2 billion) over sales of 53.3 trillion won (approx. US$ 45.8 billion), a 50% increase as compared to last year’s figures.
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Despite the controversy that clouded its flagship Note 7 smartphone, Samsung has seemingly turned around its fortunes with this quarter being the best in the last three years.
The company cited high earnings from its display and memory chip business as the primary reason behind this turnaround and issued a statement saying: “Robust sales of high-end, high-performance memory products and expanded process migration in V-NAND, plus strong shipments of OLED and large-size UHD panels contributed to profitability.”
The company also acknowledged the fact that the Korean won being weaker as compared to the US dollar worked in their favor as the component deals are mostly done in the latter.
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While the record high sales of the memory chips contributed majorly in this context, the company’s other smartphones including the S8 too chipped in, ensuring a year-over-year profit increase of about 4%. The company also remarked that it is expecting a further rise in sales, courtesy its range of low-end smartphones.
By the looks of it, Samsung has done a tremendous job pulling off profits even when the Note 7 recall had set it back by $2.2 billion as opposed to its projected quarter 3 profit of $6.6 billion. In spite of that, a lot still remains on the branding front if the company intends to keep its position as a smartphone giant intact.
