Samsung profits bounce back from Note 7 fiasco

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

Samsung, Rio, 2016, Olympics, Summer Olympic Games


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.