Samsung released its first quarter earnings for 2017 which stood at 9.9 trillion won ($8.7 billion) profit. This represents the highest-ever operating profit for the January to March period for the company and makes Q1 2017 Samsung’s second-best quarter ever. The company had forecasted a profit of 10.1 trillion won, or $8.8 billion earlier, which is very close to the achieved result.

With the Q1 profit at 9.9 trillion won, Samsung’s overall revenue reached 50.55 trillion won or $44.7 billion. Despite, recording the second-best quarter in terms of revenue, Samsung actually saw a decline in profits from its mobile division as compared to those in Q4 2016.

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The reason cited by the company behind the decreased mobile sales profit is due to a decline in flagship product sales as well price adjustments of last year’s flagship devices, the Galaxy S7 and Galaxy S7 Edge. This, however, got compensated by the robust sales of its mid- to low-end devices, mainly Galaxy A7 (2017), resulting in slightly increased smartphone shipments.

Also, the increased sales in semiconductor and display panel segments saved the day for Samsung, helping it to achieve the highest-ever operating profit for the January to March period.

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Further, outlining its future plans, the Korean tech giant stated that it will ‘look to sustain profitability in the mid- to low-end segment by launching new products and streamlining the lineup’ adding that it strives to launch a new flagship smartphone in the second half which presumably should be the upcoming Galaxy Note 8.

Source: Samsung