Samsung forecasts best quarterly profit in over 3 yrs as chips soar

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It marks a jump of 7.38 percent compared to the previous quarter's 9.22 trillion won.

Friday was the first day people in South Korea could pre-order the Galaxy S8, Samsung's first major smartphone since the Note 7 fiasco. Analysts said strong demand for mobile chips and displays for smartphones fueled stellar profit.

Samsung's latest flagship phone, the Galaxy S8, didn't debut until after the end of the quarter and isn't reflected in the figures.

The results also underscore how the electronics conglomerate is recovering from last year's Note 7 crisis, when some smartphones burst into flames and forced Samsung to pull it from shelves.

At an event that's been dubbed the "trial of the century", prosecutors spent an hour laying out the charges against Lee, South Korea's highest profile business leader. "The defendant, Jay Y. Lee, didn't even know that the contribution was made, because that's not part of his job", his lawyer, Song Wu-cheol, told the court.

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The prosecutors said their evidence includes 39 handwritten notebooks where a former economic adviser of the impeached South Korean president scribbled down her orders.

For many months, Samsung (SSNLF) has been embroiled in a wave of bitter controversies ranging from corruption charges waged at senior management to the widespread Galaxy Note 7 recall. Yang denied Lee's argument that Samsung was coerced into giving Park and Choi money, saying the victims of the dealings were national pension fund holders, affiliates of Samsung and its shareholders, who suffered losses due to a merger allegedly engineered for Lee's sake.

Lee Jae-yong, 48, a vice chairman at Samsung Electronics and the only son of its chairman, was arrested and indicted in February on bribery, embezzlement and three other charges that could entail at least five years in prison if he is proven guilty.

Lee, who was arrested in February, has been charged with offering almost $40 million to the now-impeached president and her close friend Choi Soon-Sil, allegedly as bribes to secure policy favours. 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.

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