On Thursday, Samsung announced its Q1 2017 fiscal results, covering the three-month period ending March 31st.
Despite the lingering effects of the Note 7’s battery issues and the legal scandal involving the company’s defacto head, Samsung managed to deliver its best fiscal quarter since Q3 2013. First quarter revenues increased by two percent year-over-year to 50.55 trillion won ($66 billion CAD), while operating profit jumped by 3.22 trillion won ($3.84 billion CAD) to $9.9 trillion won ($10.8 billion).
The company’s strong quarter was led by its chip business, with Samsung crediting high demand for high-density enterprise SSDs, mobile chipsets and images sensors for the division’s strong showing.
One area Samsung fared worse was in the sale of its mobile devices. The company’s mobile division reported a 2.07 trillion won ($2.47 billion CAD) operating profit, a decline from the 3.87 trillion won ($4.63 billion CAD) profit it reported a year ago.
The good news is that Samsung is likely to deliver a record-breaking quarter in Q2 2017; next quarter is when the company can start counting Galaxy S8 sales.
The company mentioned it plans to launch a new flagship device in the second half of 2017. Samsung didn’t reference the device by name, but it’s likely the Note series is coming back in some form later this year.
Samsung also noted that in the “mid- to long-term” time period, ti will focus its attention on “the growth of IoT, AI and automotive businesses in the IT industry is expected to drive demand for components, particularly high-performance energy-efficient memory products, SoCs and sensors, as well as flexible OLED panels for new form factors.”