The recall of the Galaxy Note 7 in October was certainly not something that was desired by the leaders at Samsung. However, it looks like the exploding phone may not prove to be a huge hit on the company’s profit line.
According to financial analysts in Samsung’s home country of South Korea, the company could see its highest profits in the past three years. Korea Times reports that both IBK Securities and HMC Investment Securities are projecting Samsung will see an operating profit of 8.7 trillion won in the fourth quarter of 2016. Two more firms, Kium Securities and Hyundai Securities, have predicted a slightly lower profit of 8.5 trillion won, but that’s still higher than Samsung’s profit of 5.2 trillion won in the third quarter of 2016. It’s important to know that these are just predictions from analysts and have not yet been confirmed by Samsung.
Those same analysts believe that Samsung’s semiconductor business will help turn around the company, thanks in part to strong prices in memory chips. A previous prediction claimed that Samsung’s overall profit could be as high as 36.8 trillion won ($30.95 billion) in 2017.
Samsung is trying to move on from the Galaxy Note 7 debacle and onto its next flagship phone, the Galaxy S8, which may be officially announced by the company in April.