Bumper profits, new phone and its chief on trial — Samsung's insane day

Reports that its flagship Note 7 devices were prone to exploding forced the manufacturer to withdraw the products past year at considerable cost.

The forecast does not include the revenue the company is hoping to make with its new Galaxy S8, which is set to release this month.

It is the group's best quarterly profit in nearly four years.

Lee Jae-Yong (R), the vice-chairman of Samsung Electronics, is escorted by prison guards as he arrives at the Seoul Central District Court for his trial in Seoul on April 7, 2017. The Korean tech giant posted its earnings estimate for the first quarter of this year, with sales amounting to 50 trillion won, or roughly 44 billion US dollars.

Samsung launched its new mid-tier phone, aka the Galaxy C7 Pro in India on Friday at a cost of Rs 27,990.

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It is thought that Samsung's semiconductor division is responsible for the better than expected financial results, and analysts predict that the company will see even more success in the second quarter of the year as hype over the firm's newest handset, the Galaxy S8, builds.

All this is happening amid management upheaval at South Korea's biggest family-run conglomerate, with third-generation leader Lee embroiled in a scandal that has already led to Park's removal from office for allegedly receiving bribes.

South Korean prosecutors Friday accused the heir to the Samsung business empire of embezzling funds, committing perjury and playing a key role in a corruption scandal that led to the ouster of former President Park Geun-Hye.

Samsung has denied any wrongdoing and Lee, who was arrested in February, has pleaded not guilty. They argued that the huge sum of corporate money was used for Lee's personal benefit - to secure a business merger and lobby regulators to help strengthen his control over Samsung. We already have evidence of the same in the form of previous quarterly reports, where these businesses contribute about 68 percent to the overall operating profit. In terms of software, you might not like what Samsung Galaxy C7 Pro comes with - the year-old Android 6.0 Marshmallow.

Samsung Electronics has today announced its earnings forecast for the first quarter of the fiscal year 2017.

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