Trial of Samsung heir focuses on father-to-son succession

  • Trial of Samsung heir focuses on father-to-son succession

Trial of Samsung heir focuses on father-to-son succession

The technology firm has also reported a 48% jump in profits during the first three months of 2017, despite challenges around the failure of its Galaxy Note 7 handset a year ago.

In this March 24, 2017 photo, a woman walks past a logo of Samsung Electronics in Seoul, South Korea. That overshadowed Samsung reporting quarterly profit of almost $9 billion - its highest in more than three years - and the start of pre-orders in South Korea for its newest flagship smartphone.

The company's stock is trading near historic highs, despite Lee's troubles and the scrapping past year of its flagship Galaxy Note 7 smartphone due to fire-prone batteries. A few months later, its de facto heir and several top executives were charged with crimes linked to a political scandal that toppled the country's president.

In an official blog post, Samsung reported that it is expecting an operating profit of around 9.9 trillion won (approx $8.7 billion).

LG did not elaborate on its earnings estimates and will provide detailed financial results at end-April. The Korean tech giant posted its earnings estimate for the first quarter of this year, with sales amounting to 50 trillion won, or roughly 44 billion USA dollars.

Ousted president Park Geun-Hye was thrown into jail last week after a court ordered her arrest in connection with the sweeping corruption scandal that brought millions of people onto the streets and saw her impeached.

Special Prosecutor Park Young-Soo said in his opening statement that Lee's case is "one of the most deep-rooted and typical cases involving unhealthy relations between politicians and businessmen".

Samsung's donation to the Choi-controlled foundations is suspected of being made in return for getting support in the merger of two Samsung affiliates in July 2015.

The South Korean company is estimated to have sold 9 million units of the Galaxy S7 smartphones in the January-March period.

Samsung has denied any wrongdoing and Lee Jae-yong has pleaded not guilty to the charges, with his lawyer contending the prosecution case is "full of contradictions".

If it proves to be true, this confident prediction by Samsung will see the company trump both its results for the same period previous year, as well as their troubled holiday quarter. They said Samsung's semiconductor division likely recorded profit much higher than expected, contributing more than half of the company's quarterly income as supplies of memory chips remained tight while demand from global smartphone makers was solid.