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Samsung expects to post record operating profit for Q1 2017

It's all thanks to the company's chip business.
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Samsung expects to post stellar earnings for the first quarter of 2017 despite its head honcho's scandal in Korea and the lack of a new flagship phone for the period. The company believes its consolidated operating profit will reach approximately 9.9 trillion Korean won ($8.75 billion) for January to March this year. That's significantly larger than its 6.68 trillion won ($5.9 billion) profit for the same period last year and bigger still than its 9.2 trillion won ($7.8 billion) profit for the fourth quarter of 2016.

While the Korean conglomerate has yet to reveal the breakdown per division, Yonhap News says Samsung can thank its flourishing chip business for what could be its second-highest quarterly operating profit ever. Bloomberg mentioned earlier this year that the growing demand for lower-end smartphones in China is driving up Samsung's chip prices, and that might still be the case this quarter. The number to beat is 10.1 trillion won ($8.9 billion), which was set in the third quarter of 2013. Samsung's semiconductor division was the one responsible for that milestone, as well.

In addition to its profit estimate, Samsung also noted in its guidance that it expects consolidated sales for Q1 2017 to reach approximately 50 trillion Korean won ($44.19 billion). The chaebol will reveal the breakdown for that amount, along with the rest of its first quarter results, later this month.

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