Jul 7, 2017

Samsung sees record quarterly profit on chip demand

Samsung Electronics has posted its biggest ever quarterly profit thanks to surging global demand for memory chips. Sales climbed 18% to 60 trillion won, buoyed by strong sales of smartphones including the new flagship Galaxy S8. Analysts say the results indicate Samsung has recovered from the disastrous Galaxy Note 7 recall. Samsung launched a new phone in South Korea using parts form the Note 7 to "Minimise the environmental impact" of its high-profile flop. Some research firms predict that Samsung is set to overtake Intel as the world's biggest chipmaker by sales this year. Samsung has also seen its image dented by the arrest and ongoing trial of de-facto chief Jay Y. Lee over a political bribery scandal.

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