Samsung profits bounce back from Note 7 fiasco

It was forced to take its flagship device off the market last year...

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[Samsung]

Samsung has forecast that it is on its way to its highest quarterly profit in three years - its figures suggest that its operating profit rose by 50% in the last three months of 2016.

Increased demand for chips and display panels off-set the financial hit that the company took as its Galaxy Note 7 devices were recalled after faulty batteries caught fire.

Its fourth-quarter operating profit of 9.2tn South Korean Won (€7.36bn) is the highest since the third quarter of 2013.

The company, which is the world's largest manufacturer of both memory chips and smartphones, is enjoying a stock market bounce as investors are betting that this upswing will continue.

Samsung took the flagship Note 7 smartphone off the market in October of last year - it warned that the failure and recall of the device would shave $2.1bn off of its fourth quarter profit

Yesterday at CSE Samsung Electronics unveiled its collaboration with Under Armour, the sports apparel brand, to deliver new fitness tracking devices.