Samsung's Annual Profit For 2016 Surges by 50% Despite Galaxy Note 7 Fiasco

Samsung's annual profit for 2016 raises by 50%.

    Of course, 2016 was bad for Samsung. But, if you think Samsung's market share must have miserably dropped in 2016 after the innumerable battery explosion incidents that occurred worldwide, then you are wrong. We say so as Samsung's earning estimation has come out to be much higher as compared to what analysts predicted.

    Samsung's Annual Profit For 2016 Surges by 50% Despite Note 7 Fiasco

    Yes, reports are such that the smartphone vendor has broken all records as the company achieved the highest quarterly profit in Q4 2016 since 2013. Supporting the statement, Samsung Electronics asserted that the company's profit in the last quarter of 2016 surged by 50 percent, which they said is the highest level that the South Korean giant could achieve in the past three years, despite the Galaxy Note 7 fiasco.

    It is quite surprising to hear such huge profit gains after the company recalled Note 7 handsets, and later scrapped the production. Well, to bring it to your knowledge, Galaxy Note 7 has no role to play in the surge of the Samsung's profit. Yes, as per the media reports, the limelight now shifted to Samsung's mainstay semiconductor and display business as it helped the South Korean tech giant to achieve huge profit gains.

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    In a recent statement, Samsung said that they gained KRW 9.2 trillion profit, which is roughly around Rs. 52, 895 crores. However, the analysts expected the profit to be KRW 8 trillion. The calculation shows nearly KRW 1.2 trillion (Rs. 68,34697 crores) more profit gains than predicted, which is roughly around 10 percent more annual gains.

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